… The days when life centred around the five-day office week appear to be gone, disrupting the foundation of downtown Toronto. Office workers no longer need to rely on the bevy of retailers that used to service their every need, from hairdressers and dry cleaners to food shops making take-home meals for their families.
As of early March, the percentage of employees in Toronto’s financial hub averaged 43 per cent of prepandemic occupancy levels, according to data from consulting firm Strategic Regional Research Alliance, which conducts in-depth interviews and surveys of downtown office tenants. That is the highest level of occupancy since the pandemic started – a dismal sign of the slow return to the office.
This is not a good sign. I have wondered for some time if Toronto even has a reason to exist any longer. There’s not much there here.
