Are you still working from home offices? It seems you are not alone. As of mid-November, only 25% of people had returned to their offices. While this is higher than the lowest point in April of less than 15%, it is down slightly from October, which reported 27% occupancy.
This decline in office use is also impacting the residential market of many of the big cities they are located in. San Francisco reported a 20% decline in residential rents since March. And public transportation has seen their revenue decline by billons as the volume of riders has plummeted.
Not surprisingly, office markets that rely on public transportation are seeing the biggest declines in occupancy with San Francisco and New York topping the list.
In contrast are markets such as Dallas where office occupancy has reached 40.3% due to fewer shutdowns and less reliance on public transportation. Although 40.3% occupancy is still a far cry from “normal.”
Don’t miss last week’s post on key vitamins and nutrients to watch throughout the winter.