Mar 23, 2022 - Economy

End of an office era

Data: Kastle Systems; Chart: Axios Visuals
Data: Kastle Systems; Chart: Axios Visuals

Despite pleading from politicians and bosses, offices around the country are still pretty empty, according to data released this week by security firm Kastle.

Driving the news: Kastle measures occupancy by looking at foot traffic into offices, pulling data from security swipe cards and keyfobs.

Why it matters: If this lasts, it's a game-changing shift for the economics of cities around the country.

  • The disruption could be comparable to the exodus of manufacturing from cities in the late 20th century, University of Toronto professor, and noted city watcher, Richard Florida told the Wall Street Journal.

Details: Occupancy rates are low even in areas of the country like Texas that have had looser pandemic restrictions in recent months: It's 52% in Austin, 48% in Houston and 47% in Dallas.

  • Rates are even lower in New York (37%) and San Francisco (30%).
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