Ekaterina (Katya) Nadirova’s Post

Return-to-office foot traffic in Miami, the "Wall Street South,” has exceeded 85% of its pre-pandemic average. The data comes from Placer.ai, which describes itself as a location intelligence firm, and its March 2024 Office Index, showing office buildings in New York and Miami far outpacing the national average, which shows offices to be 63% as full as they were pre-pandemic. The widest before-and-after gap was in San Francisco, which has struggled mightily to regain its business district and is still only 50% of the way there. Read more: https://lnkd.in/ehZ69pGe

American office buildings are emptier than they’ve been in decades, yet some cities are seeing a gradual return of workers.According to Placer.ai's foot traffic data, office visits across the country in February were down 30% from pre-pandemic levels. However, cities like Miami and New York are nearing their pre-pandemic office foot traffic, while some others continue to lag behind. #OfficeTrends #WorkplaceRecovery #RemoteWorkImpact #MiamiBusiness #NYCOffice #ChicagoOffice #SanFranciscoWork #WorkplaceTraffic #ReturnToOffice #BusinessInsights Jameson Commercial Jameson Sotheby's International Realty

Return-to-office foot traffic in Miami, the "Wall Street South,” has exceeded 85% of its pre-pandemic average. The data comes from Placer.ai, which describes itself as a location intelligence firm, and its March 2024 Office Index, showing office buildings in New York and Miami far outpacing the national average, which shows offices to be 63% as full as they were pre-pandemic. The widest before-and-after gap was in San Francisco, which has struggled mightily to regain its business district and is still only 50% of the way there. Read more: https://lnkd.in/ehZ69pGe

 American office buildings are the emptiest they’ve been in decades, but some cities are starting to see workers return. Nationwide, office visits in February were down 30% from pre-pandemic levels, according to foot traffic data from Placer.ai, but cities like Miami and New York fared much better. Both are approaching their pre-pandemic office foot traffic levels while other metros like Chicago and San Francisco continue to lag.

Wedbush Securities is relocating from its long-time downtown Los Angeles headquarters to smaller offices in Pasadena, reflecting the ongoing shift in the office rental market post-pandemic. As hybrid work becomes the norm, the firm is adapting its workspace to accommodate flexible arrangements. This move highlights broader challenges in Los Angeles County's commercial real estate, where sales volume has dropped 18.4% year-to-date. Despite current struggles, Chris Jackson anticipates a market rebound in 2025 as interest rates decline. #WedbushSecurities #CommercialRealEstate #OfficeMarket #HybridWork #LosAngeles #RealEstateTrends #MarketUpdate #NAICapital #BusinessAdaptation #CommercialLeasing https://lnkd.in/g_rAWVw7

New data from Avison Young suggests that San Francisco’s office market might take up to 20 years to recover to pre-pandemic levels. With the highest office vacancy rate in the U.S. at over 30%, the road ahead is challenging. More optimistic scenarios do exist, but uncertainty remains. #RealEstate #SanFrancisco #OfficeMarket #Recovery #CommercialRealEstate https://lnkd.in/ghuGMUxW

Oakland’s office vacancy rate climbed once again this quarter, though market participants cite indicators that the market is bottoming. Preliminary third quarter data from real estate services firm Colliers shows the continuing trends are largely fueled by a slow return to work and companies downsizing their office footprints. Though positive indicators like a declining net absorption could point to the bottom of the market.

According to a new set of monthly office occupancy data, offices are increasingly busy, with “busyness” up in 28 of the 41 markets being tracked compared to 2023 levels. Some markets, like Manhattan, Washington D.C., and San Francisco, are seeing double-digit increases in activity compared to this time last year. https://lnkd.in/g5_e87U5

San Francisco continues its promising start to 2024 with several signs pointing towards a turning point in the city’s office market recovery. Four 100k+ sf leases from the City of San Francisco, Scale AI, Rippling and Orrick set the pace for the quarter with a combined 642k sf, marking the third straight quarter of leasing growth. Positive momentum is expected to continue with more than 6.1 msf of tenant requirements in the market. Additionally, the percentage share of remote job postings has now fallen below 20% for the first time since Q4 2021 at 19.4%, outlining the continued trend of return-to-office. However, low investment volume in the office sales market shows a continued disparity between potential buyers and sellers. Ross Robinson Dina Simoni Gouveia Mark McGranahan Nick Slonek Avison Young #sanfrancisco #realestate #commercialrealestate #avisonyoung

New data from the Placer.ai Nationwide Office Building Index has found that office foot traffic nationwide has reached 72.2% of July 2019 levels. This amounts to the highest office attendance rates seen since the COVID-19 pandemic. The top five cities with the highest percentage of office visits are Miami, at 90.6%; New York City, at 89.6%; Dallas, at 76.9%; Atlanta, at 76.7%; and Washington, DC, at 73.9% https://lnkd.in/gA4ybXpi