Major Global Financial Hubs Still Aren't Seeing Employees Returning To The Office

New York is also waking up, albeit slowly. Less than 40% of people are using trains compared to numbers prior to the pandemic. "Most restrictions on business capacity and social distancing were lifted in May," the report notes.

Yet, at the same time, there remains significant vacancies in the city’s commercial real estate market, with supply reaching its highest level in "at least three decades" in the first quarter of 2021. 

In San Francisco, despite more than 80% of the city's population getting vaccinated, more than 9 million square feet of offices are up for sublease in the first quarter. It's the highest amount going back to 2005. 

Only about 19% of office workers in the San Francisco metro area had returned to their offices, according to Kastle Systems. It marks the lowest share of all 10 U.S. cities that the company keeps track of. 

Scott Hazard of Australian software company Atlassian Corp., concluded: “Folks haven’t fully reemerged yet to define their preferences and commuting behaviors and/or office needs.”

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