SF office occupancy rises but still trails national average
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The San Francisco metro area's office occupancy hit 44.8% in January, per the latest swipe data from Kastle Systems.
Why it matters: The return-to-office push is slowly getting people back to in-person work, but it's clear a hybrid model has become the norm, Axios' Emily Peck reports.
Between the lines: The San Francisco metro area's highest occupancy rate in the past five years was 46.6% in January 2024, the data shows.
- Though more workers have been returning to the office, the city's empty office rate remained the nation's highest as of last December, according to the firm Commercial Edge.
Zoom out: Nationally, the office occupancy hit a post-pandemic high at 54.2%.
- A few cities hit record post-pandemic office occupancy rates in January, including Houston at 64.9% and Philadelphia at 44%.
Caveat: Occupancy rates vary widely, depending on the day of the week.
The big picture: There are many companies sticking with flexible work arrangements, including big accounting firms like KPMG and Deloitte, which are looking to attract workers amid a shortage.
The bottom line: "As companies continue to shift their policies to require more days a week in the office, we expect that average to continue to rise," said Haniel Lynn, Kastle CEO.