The Office Vacancy Dilemma

September 26, 2022

The last couple of years left behind mixed results in the workplace. For many businesses, whose workforce must be “on the job” to get things done, not much changed. Yet for others in an office setting, a substantial percentage of employees were offered the option to work remotely. For the world’s urban centers and office parks everywhere, this presents interesting challenges and opportunities. A Bloomberg story yesterday, New York City’s Empty Offices Reveal a Global Property Dilemma, touched on many of the new realities facing urban communities, property owners and local businesses that rely upon “foot traffic” for success.

Urban planners have long held the view that while some of us will prefer a home in the suburbs or exurbs, others enjoy the convenience of a walkable community and the associated benefits. While the pandemic led to the exodus of some from cities for health reasons, others are rediscovering places to live with an abundance of amenities. Where and how this sorting out ends up will be dependent on property owners and urban leaders understanding these changes, challenges, and opportunities.

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Insider Insights - What's the Most In-Demand Skill?

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News You Can Use

We kick off the week of economic news and data with speeches from the Boston, Atlanta, Dallas, and Cleveland Fed Presidents today. On Tuesday, Fed Chair Jerome Powell speaks on digital finance, while new home sales, capital goods orders, and the FHFA home price index results become public. August pending home sales data is out on Wednesday, while the Fed Chair and other regional Fed President’s offer remarks throughout the day. Thursday brings us mid-September jobless claims results and Q2 retail sales for domestic purchases. We finish up a busy week on Friday with August data on consumer spending and disposable income.

Earnings calls this week get started on Tuesday with BlackBerry, Progress Software, and United Natural Foods, among others. Wednesday calls include Cintas, Paychex, and Vail Resorts. Thursday is headlined by Bed Bath & Beyond, Micron Technology, and Nike.

Michael J. Quaranta

President

Delaware State Chamber of Commerce

It's football season and the University of Delaware is 4-0! Blue Hens student-athletes at the University of Delaware make up 21 NCAA Division 1 teams.