Weekend Edition - 75 percent: The New Normal for Office Workers?

Friday 12th July 2024

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NAB has been looking at a variety of high frequency data sources to see how quickly workers are returning to the office. In this edition NAB’s Tapas Strickland says the trend seems to have stalled at 75% of pre-COVID levels. Credit analyst Evy Noble says this is also reflected in occupancy levels, although there is a large variation from one capital city to another. Phil asks Michael Bush, NAB’s head of credit research, what this will mean for property prices and rental yield. Michael says the issue is exacerbated by new supply already in the pipeline. So how does the market evolve? Will companies try to tempt workers back to the office, or will they downsize and try and spread the days that people choose to work from home?

The detail is contained in the NAB research note, The return to Office - are we now at the new normal?

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