Office occupancy crosses 50%, a post-pandemic high

Are the offices half-full or half-empty?

Why it matters:

Some executives might see crossing the 50% milestone as a sign of a comeback. But the figure has largely plateaued since September, hinting at a new reality where people work from home a lot more."[T]he genie is out of the bottle," Scott Rechler, CEO of property developer RXR, told theThe commercial real estate market is adjusting to this new reality of not only empty offices but higher interest rates — forcing developers to make some choices.

In New York City, the FT notes, some office buildings — the fancy, ultra-modern ones — will make it through this change. "Dated buildings in humdrum locations will spiral into obsolescence," the FT writes.

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