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Latest Office Sector Insight

We regularly collate and monitor insights from our members to build a better picture of how the Quarter recovers from the impacts of coronavirus.

Our latest survey of office sector businesses tells us that this month the return of workers to the office is not as solid as expected. Numbers are still increasing but it’s incredibly varied by business. Businesses tell us that they expect a greater return in coming months, with current figures of office occupancies being around 35%, the highest since the start of Covid.

Our latest research has also found that many businesses have put new working strategies in place, with 64% stating they have now established a long-term policy for office working (a 10% increase compared to when we asked in July), while the rest continue to explore options and consult with staff. Unsurprisingly, almost 80% state that their office working policies differ to pre-Covid times, which demonstrates how much businesses have adapted over the last 18 months.

Other insights from the survey show that 50% of businesses are ‘encouraging’ a return to the office in some capacity and a further 30% making it obligatory, which is obviously great news for the area. In terms of how many days employees will spend in the office environment, 2-3 days a week less in the office was the most popular response from two thirds of businesses.

On to travel movements, passengers using our closest tube stations – Baker Street, Marble Arch and Bond Street – according to the weekly travel stats that we receive from TfL continue to see an overall rise. This week saw numbers reach 50% of pre-Covid numbers for the first time since the pandemic began – a rise that is expected to continue as summer holidays end and return to work plans are implemented. This is great news and shows ever-increasing confidence in central London. These weekly figures are updated and displayed on our Advocacy and Insights page here.

We will continue to survey our office sector members and monitor TfL travel stats to give you insight into habits of workers and visitors, to help build a picture of the area’s recovery as well as inform local retail and hospitality businesses’ resourcing plans.

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