Interesting numbers from Metrikus reported in Property Week suggests office occupancy has reached 87%, the highest level since the world decamped to work from home in March 2020.
It's unclear which definition of occupancy we're working with, whether it's buildings occupied or number of employees sitting at desks. By the latter definition, most offices were often about 60% occupied before the onset of the pandemic.
As Lee Elliott notes in our House View, ten of our 15 global gateway markets still report office occupancy below half of typical levels. Momentum is indeed building but there is still considerable road to run.
In other news...
It is unlikely that the current road brings a return to pre-pandemic levels of occupancy. Our re-entry into the office will instead be more fluid and flexible, reflecting a real shift in working styles. Meanwhile a flight to quality underway will intensify - 70% of office space committed to last quarter was new or fully refurbished, much higher than has historically been the case.
Elsewhere - US inflation slows sharply, but consumers are still spending, democrats table a bill for a global pact to curb corporate tax havens, investment banks accelerate efforts to automate 'grunt work', and finally, record profits at MJ Gleeson.