CoWork1010, a co-working office space located at the top of Pyramid One
While the debate about the benefits of working from home versus working from an office continues, data from companies like Kastle Systems proves that the need for office space is not going away. Recent studies confirm that more people are going back to the office with average occupancy levels growing to over 47% as of October 2022 from its lowest point in December 2020 of only 17%1. Looking at the latest trends across major markets in the United States, expectations are that average occupancy levels could reach as high as 60% by the end of 2023.2
Given this data, the property management team at The Pyramids conducted a study of their own and asked tenants directly about their experiences regarding weekly office attendance. Participation in the survey was significant with 100% of the tenants responding.
Some of the key findings from the study include:
- Office attendance by employees within The Pyramids averages 56%
- In line with national statistics, the most popular days for office use are Tuesday, Wednesday and Thursday
- Offices are not simply for 9 to 5 workers. The Pyramids is home to three colleges with over 200 students that attend in person day and evening classes five days a week.
- Attendance by students alone was reported to be roughly 90% Monday through Thursday.
As a result of the pandemic, worker behavior has changed but office space has not. It continues to offer a much-needed place for teams to collaborate and interact. The change in worker behavior has also been a catalyst for tenants looking to relocate. Newer buildings and those that have been recently updated are seeing more leases as it is one of the best ways to entice workers back to the office. Relocating also offers tenants the opportunity to rethink their floor plans and layouts, reduce their footprint and provide workers with more access to private areas. These changes highlight a move away from pre-pandemic trends such as large, open floor plans with few doors and communal “touch-down” desks, to the need for spaces that support virtual meetings with remote workers.
Driven by a desire to support tenants looking to move their office space into updated, quality properties that offer not only a place to work, but a place to have experiences, The Pyramids is undergoing a significant renovation. For more information on the changes that are being made to the property, visit our social media feeds for updates.