Boston leads the country in year-over-year growth in workers returning to the office, according to new data.
Boston Business Journal’s Post
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New research from Nick Bloom's Stanford University team now confirm that super commutes - those of 75 miles or longer - are up by 33% since 2020? Are these people nuts? The good news is that these commutes are 1 to 3 days/week vs. 5. And in some cases, they are not full days. Presence in offices is relatively steady but frequently, is less than a full 8 hours allowing participants to arrive later or depart earlier missing rush hours. Research shows that younger employees and high earners—defined as those who make over $250,000—are choosing to live farther away from their offices. Between 2021 and 2023, the 56 major metro areas in the U.S. lost a net of 1.9 million people who moved elsewhere. This data suggests that people will select more value in housing and accept longer commutes provided the number of office days is limited. Over time, as organizations' office leases come up for renewal, they may move their office components closer to where employees live vs. to legacy office space in CBDs where no one wants to be any longer.
America’s Commute to Work Is Getting Longer and Longer
wsj.com
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🏢💼 The Midwest is Leading the Return to Office - Here's Why by Bloomberg News The office landscape is shifting, and the Midwest is standing out as the leader in the Return to Office (RTO) movement. But what's driving this trend? According to Basking.io, a leading workplace occupancy analytics firm, 60% of Midwestern workers are back in the office weekly compared to just 24% in the Northeast. This disparity is making waves and sparking conversation across the nation. Here are some highlights: ✅ Commute Times: Easier commutes in the Midwest versus “tortuous” ones in larger East Coast cities. ✅ Office-Day Shift: The traditional 9-to-5 is changing, with most U.S. office days lasting less than 6 hours. ✅ Caregiving Duties: Many workers are strategically shortening office time to cater to home responsibilities. ✅ Compact Cities: Midwestern cities' design could contribute to more frequent visits, lessening suburban sprawl. Experts like David Mirmelli from Fortinet and Anjali Grover from Basking.io underline the ease of getting into Midwestern offices and the more stringent RTO policies as contributing factors. And the data doesn't lie. It aligns with findings from Stanford University's WFH Research team that smaller cities and towns see lower work-from-home rates. 👉 Whether it's the convenience, policies, or urban design, the Midwest's back-to-office movement is a fascinating trend worth watching. It could shape how we all approach the future of work. Do you think this trend will continue? #rto #remotework #workfromanywhere #workfromhome #officespace #realestate #cities #research #futureofwork
Midwest Emerges as Return-to-Office Champ, Soundly Beating Northeast
bloomberg.com
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REIT Industry Expert/Phish Aficionado | Chief Investment Officer of Hoya Capital & Hoya ETFs | Educating Investors about the REIT Industry
Dow Jones published a story looking at return-to-office traffic based on data from Kastle Systems and JLL. According to the story, "After Labor Day weekend, the occupancy rate of workplaces in 10 major cities surpassed the halfway mark for the first time since July, hitting 50.3%, according to Kastle Systems' 10-city Back to Work Barometer. The company tracks keycard swipes at office buildings and other entry data for businesses." Plus, "All of the 10 cities tracked by Kastle saw an increase in workplace occupancy around Labor Day, with Houston, Texas, leading the pack. The city saw a weekly occupancy rate of 61.6% from Sept. 7 to Sept. 13, up from 59.7% the previous week. New York City saw the biggest jump in office occupancy, with a 7.5% jump to 50.1%. Occupancy in the nation's capital of Washington D.C. rose to a new record high since the start of the pandemic, Kastle said, rising to 47.9%, as compared to 43.8% the week prior." https://lnkd.in/g7EWknbX
The return-to-office battle just hit a tipping point. Companies won this round.
marketwatch.com
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Providing Talent Development Solutions that help organizations and business professionals achieve growth and success
The American office has changed. Several years after the pandemic emptied offices around the world, and about 300 years after construction of the first “modern” purpose-built office building, desks remain stubbornly vacant, hovering around 50% occupancy of pre-Covid levels in major US cities. Despite high-profile efforts by companies such as Amazon and JPMorgan Chase to push return-to-the-office policies, occupancy rates have barely budged in a year. These changes are having a profound impact, one that organizations need to manage and adapt to. To get a better sense of the effects—particularly on women, but on workplace dynamics more generally—the American Management Association (AMA) conducted a wide-ranging survey of 1,000 US knowledge workers. Respondents split roughly into thirds when reporting that they work in an office five days a week, three or four days, or two or fewer days, and there was a negligible difference between respondents and their supervisors. Check out AMA's research survey results-- https://lnkd.in/etziYA3j
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Pinellas County Market President at The Bank of Tampa 🏦 Host of the “Money” Market Podcast 🎙️LinkedIn Economist 📈 Banker With Sign 🟨
“Tougher Return-to-Office Policies Are No Remedy for Half-Empty Buildings.” I agree. “The majority of companies remain content to allow employees to work at least part-time remotely despite the tough talk.” Which means less office space is needed and companies will continue to downsize as leases come due. We’re still in the early innings of this happening. “Most employees go into offices during the middle of the week, but floors are sparsely populated on Mondays and Fridays. In Chicago, some September days had a return rate of over 66%. But it was below 30% on Fridays. In New York, it ranges from about 25% to 65%, according to Kastle Systems, which tracks security-card swipes.” The handful of employers taking the hardline on employees returning to the office won’t move the needle. This won’t be a popular statement but the only thing that’s likely to get employees back into the office is more unemployment and leverage swinging back to the employers. #office #cre #employees #returntooffice WSJ: Tougher Return-to-Office Policies Are No Remedy for Half-Empty Buildings https://lnkd.in/exMGDwre
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Here is an interesting article on the impact of the return to office. it is estimated at another million will be returning to offices this fall in the US. https://lnkd.in/gEinmSPw #evolvingworkspace #returntooffice #hybridwork #reconnectingworkspaces
We're now finding out the damaging results of the mandated return to the office–and it's worse than we thought
fortune.com
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Real Estate Investor & Educator, Success Coach, Founder & President/CEO at KAJ Financial Corp & Dynamics Capital Group
Office usage hit record levels for the pandemic era last week, registering 50.5% across the 10 cities tracked in Kastle Systems’ Back to Work Barometer. Chicago, San Francisco and New York City led the charge. Chicago rose 3 percentage points to 55% of pre-pandemic usage, San Francisco went up 2.1 points to 44%, and New York City rose 1.6 points to 50.5%. 2023 has seen an increase in return-to-office mandates, with 2 million workers under an in-person work requirement in August and an additional million expected to be by the end of the year. Learn MORE: Office Usage Reaches Highest Mark Since March 2020 (bisnow.com) #office #work
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According to recent research, the nation achieved a new office attendance high in June, with only a 29% decrease from pre-pandemic levels. This marks a significant improvement from the 63% decline noted in June of 2021. However, Denver finds itself ranking near the bottom of the 11 major cities mentioned, coming in at #8, with 36% of employees still not returning to the office. Come on Denver, we can do better! #denverofficespace
The return to the office just hit a big milestone. It may just be the start. - Denver Business Journal
bizjournals.com
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Companies are increasingly requiring their workers to return to the office — if they can afford it, a recent survey suggests. Workplace strategy firm Robin surveyed more than 500 US business owners and facilities managers across industries like technology, finance, and construction to see how companies are using their offices. Out of the firms that have in-office work mandates, 52% require their employees to go in four days a week — up 32% since 2022, the survey found. This may be because companies in sectors like financial services and construction require employees to be in the office more frequently, Brian Muse, the cofounder and CTO of Robin, said. That doesn't mean offices are now fully occupied. Even though the majority of employers want their workers to work from the office on some days, only 28% of these businesses are using 100% of their office space. Read the full story by Aaron Mok on Insider: https://lnkd.in/e9cH26AF #careers #remotework #officevacancies #rtomandates
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The rate at which workers are returning to the office differs greatly depending on what region of the world you live in https://bit.ly/3tafRTY #changemanagement #hybridmodel #masteringchange
The Return to Office Debate Casts a Shadow Over the Global Workforce
https://allwork.space
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