{"id":1004550480,"date":"2021-09-13T13:17:06","date_gmt":"2021-09-13T21:17:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004550480"},"modified":"2022-12-08T16:30:10","modified_gmt":"2022-12-09T00:30:10","slug":"virus-not-vaccines-drives-office-occupancy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/virus-not-vaccines-drives-office-occupancy\/","title":{"rendered":"Virus (Not Vaccines) Drives Office Occupancy"},"content":{"rendered":"\n
\"\"
Julie Whelan, Global Head of Occupier Research, CBRE<\/figcaption><\/figure><\/div>\n\n\n\n

President Biden\u2019s plans to order private-sector employers of 100 or more to mandate vaccines or require regular testing for their workers will not directly impact office occupancy, experts say. That\u2019s because employers are basing their back-to-office decisions on the arc of the virus rather than on vaccination rates.<\/p>\n\n\n\n

September was expected to be back-to-work month in many office markets. But the Delta variant delayed full-scale reopening for many employers, while others continue to put off making reopening plans at all. <\/p>\n\n\n\n

According to Kastle Systems’ 10-city Back to Work Barometer, the average occupancy was 31.6 percent during the week of Sept. 1 for the 10 metro areas it tracks: Dallas, Philadelphia, Austin, Houston, Chicago, New York, San Francisco, Los Angeles, San Jose and Washington, D.C. The prior week, the occupancy was 33.1 percent. <\/p>\n\n\n\n

\u201cThere are many employers who already mandate vaccines,\u201d said Julie Whelan, global head of occupier <\/em>research at CBRE. \u201cIf current mandates meet the new plan (when it is unveiled), the return to work should progress as it would have. For those companies that have indefinitely delayed a return to the office, the trajectory of the virus will determine the timeframe upon which they return. To the extent the plan results in COVID cases retreating, then yes, it may expedite a return to the office for those companies.\u201d<\/p>\n\n\n\n

For companies that currently do not require the vaccine, the new policy will certainly force the issue and bring vaccine-hesitant employees back to their desks\u2014assuming their companies are currently occupying their space. <\/p>\n\n\n\n

Prior to the President’s announcement, CoreNet Global surveyed 200 corporate real estate executives and found that just 30 percent of companies would require employees to get vaccines, and 70 percent said their companies would not force employees to get vaccinated.<\/p>\n\n\n\n

\u201cAlthough a significant number said in the survey that they are not requiring <\/em>a vaccine, we believe that most employers want their employees vaccinated,\u201d said Tim Venable, senior vice president of research and content development for CoreNet Global. <\/p>\n\n\n\n

Although he said CoreNet Global does not believe the president\u2019s new policy will have an overall impact on the return to work, \u201cPresident Biden\u2019s decision and growing numbers of cases in many areas will drive employers to advocate more for vaccinations.\u201d<\/p>\n\n\n\n

Other impacts of the rule<\/strong><\/h2>\n\n\n\n

While commercial property owners may not see a significant rise in occupancy as a result of the rule, they will share in the burden of ensuring compliance. Building owners will now have to work with tenants on safety protocols to ensure tenants are in line with the rule when they enter the building, Whelan said.<\/p>\n\n\n\n

\u201cThis has not been common practice to date, as most tenants dictated their own protocols,\u201d she said. \u201cLandlords, meanwhile, limited their requirements to mask wearing in common areas and elevators. But under a mandate scenario, practices would have to adapt.\u201d<\/p>\n\n\n\n

The employer mandate, which also applies to federal employees but without a test-out option, is part of the President\u2019s ambitious plan to increase vaccinations and testing in order to save lives and preserve the economic recovery that began in the third quarter of last year. As the Delta variant grew in force this summer, GDP expectations for the third quarter were adjusted slightly.    <\/p>\n\n\n\n

\u201cThankfully, the COVID surge seems to be peaking,\u201d said Richard Barkham, global chief economist for CBRE. \u201cBut vaccination is the key to longer-term sustained growth. The American economy has a lot going for it right now, with a historic surge in private capital expenditure and the upcoming infrastructure investment program. If President Biden\u2019s mandate raises the overall vaccination rate, which I think it will, that will be positive.”  <\/p>\n","protected":false},"excerpt":{"rendered":"

The forces that determine a return to normal may be beyond the control of federal mandates.<\/p>\n","protected":false},"author":756,"featured_media":1004550482,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,23891,21742,21747],"tags":[],"class_list":["post-1004550480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-national","category-latest","category-office"],"acf":[],"yoast_head":"\nVirus (Not Vaccines) Drives Office Occupancy - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/virus-not-vaccines-drives-office-occupancy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Virus (Not Vaccines) Drives Office Occupancy\" \/>\n<meta property=\"og:description\" content=\"The forces that determine a return to normal may be beyond the control of federal mandates.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/virus-not-vaccines-drives-office-occupancy\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-13T21:17:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T00:30:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/vaccine-6202180_1920.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"794\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Therese Fitzgerald\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/virus-not-vaccines-drives-office-occupancy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/virus-not-vaccines-drives-office-occupancy\/\",\"name\":\"Virus (Not Vaccines) Drives Office Occupancy - 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