Is 2023 shaping up to be the 'year of the return to the office'? Not so much
Since office visits remain about 60% of pre-COVID levels, “rumors of the demise of remote work seems to be greatly exaggerated,” says new analysis
Office visits remain about 60% of what they were before the COVID-19 pandemic, according to a new analysis from Placer.ai, which analyzes foot traffic data from 800 office buildings across the U.S.
It’s a continuation of a trend the firm observed in both Q3 ad Q4. In January, the year-over-three-year (Yo3Y) visit gap, which had narrowed somewhat in December 2022 to 38.3%, pushed back up to 40.2%.
Just three cities – New York, Miami, and Los Angeles — saw overall visit gaps shrink by more than 1% in January compared to Q4 2022. Visits to offices in New York were up last month to just over 70% of pre-pandemic levels, while Miami saw its overall Yo3Y visit gap shrink to 34.8% (down from 37.8% in Q4 2022). But in Washington, D.C., Denver, Dallas, Atlanta, Chicago, Houston, and San Francisco, the Yo3Y visit gap was larger in January than in Q4.
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“While it may take time for shifts in employer expectations to be reflected in the data, January foot traffic data has yet to show a significant change in the hybrid work model that has taken root in regions across the country,” writes the firm’s Lila Margalit. “Although many cities continue to see a large majority of workers coming into the office at least part of the week, most have not seen an increase in overall visits during January 2023 – and nationwide, office visits remain about 60% of pre-COVID levels. Looking ahead, it remains to be seen how employers and workers will continue to negotiate the “Great Mismatch” of 2023. But for now, at least, 2023 has not yet emerged as the year of return to the office – and rumors of the demise of remote work appear to be greatly exaggerated. “