> The media have jumped all over it with breathtaking headlines every time a company mandated a full five-days-a-week RTO... But those media reports may be givi

> The media have jumped all over it with breathtaking headlines every time a company mandated a full five-days-a-week RTO... But those media reports may be giving the wrong impression, and in fact very little has changed since the beginning of 2023 in terms of actual office attendance and the percentage of full paid days worked from home The core thesis of this, with data to back it up, is that there was a RTO push in the wake of COVID, but its stalled since 2023, and the amount of workers returning to office has been flat. The partial WFH or "hybrid" schedule is clearly shown in data, with huge variations in certain regions between different days. > The average occupancy in the top 10 office markets in the latest week was still only at 54%... with Houston being at 65% at the top end and Philadelphia being at 44% at the bottom. The epicenter of WFH, San Francisco, was at 45% (chart from Kastle, click on the chart to enlarge it): Which looks to be pretty constant for years based on their data. And, again, there is huge daily differences showing hybrid work is popular, but also not equally. > The average occupancy on Fridays in January was 28% in San Francisco and 30% in New York City. Even at the high end, in Houston, it was only 48%. The final bit of interesting data, which cements their thesis that WFH is here to stay. > In January 2025, over 29% of all full paid days were worked from home, up a hair from the Januarys in 2023 and 2024. > So the share of WFH has given up about half of the Covid spike (which peaked in June 2020 at 62%) and then got stuck at a share that is roughly four times higher than it had been in 2019 (7%).