June 29, 2023
One of New York’s biggest private landlords, Vornado Realty Trust, is betting that hybrid work is here to stay.
The firm’s chairman, Steven Roth, told investors that office work on Fridays was likely “dead forever.” Even Mondays, he said, are “touch-and-go.”
Roth’s observations align with the latest data on return-to-office trends. A report from Placer.ai, a firm that tracks mobile-phone data from 800 sites across the US, found that those who came into the office opted to come in during the middle of the week.
People are slightly more likely to visit the office on Tuesdays, with workers coming in at 62% of pre-pandemic levels, according to Placer.ai. The report also found that occupancy levels on Wednesdays and Thursdays were near 60%. However, office visits on Mondays and Fridays were just half of what they were in 2019, according to the report.
The current push toward hybrid work comes as some companies like Goldman Sachs, Amazon, Meta, and Disney are doubling down on employees returning to the office.
The sources for this piece include an article in BusinessInsider.
