by Wolf Richter
Wolf Street
Trends converged on the mega-construction project Oceanwide Center in San Francisco.
Office construction projects all over the US are facing a new reality: the shift to working remotely and the accompanying office glut. Now, 15 months into the Pandemic, the rate of office occupancy, as measured by workers showing up at the office, remains dismally low.
Office occupancy in the week through May 19 was only 28.1% on average in the 10 largest metros from where it had been before the Pandemic, Kastle Systems, whose electronic access systems are installed in thousands of office buildings in the US, reported today.