Thanks for Visiting!

Register for free to get the full story.

Sign Up
Already have a account? Log In Office Building Indexes: August 2022 Recap 

Bracha Arnold
September 7, 2022 Office Building Indexes: August 2022 Recap 

The Nationwide Office Building Index: The office building index analyzes foot traffic data from more than 700 office buildings across the country. It only includes commercial office buildings and commercial office buildings on the first floor (like an office building that might include a national coffee chain on the ground floor). It does NOT include mixed-use buildings that are both residential and commercial.

We’ve covered the office recovery extensively over the past year. With the recovery entering a more stable phase, we examined office foot traffic trends and looked at how the prevalence of different kinds of employers in each city is impacting the local workplace recoveries. 

Changes in Office Spaces

The pandemic seems to have permanently changed office norms, and most businesses have accepted that hybrid work is here to stay. But while foot traffic has yet to return to pre-pandemic levels, offices nationwide are seeing a slow but steady visits recovery. January saw the biggest decrease in foot traffic, with 56.1% fewer visitors year-over-three-year (Yo3Y). Since then, the visit gaps have been narrowing, culminating in August’s 38.7% Yo3Y visit gap – the smallest seen all year – suggesting that while things may be progressing slowly, the office recovery is happening. Still, it seems that most workers will not return to the pre-pandemic norm, five-day work week from the office, any time soon. 

These sustained changes are leading some companies to rethink their offices entirely. Some businesses are embracing the coworking concept – Lyft, after announcing a fully hybrid work model in March, decided to sublet around 50% of its four office buildings (located in New York, San Francisco, Nashville, and Seattle) to other businesses. And pension fund investors have chosen to cut back their investments in office buildings, seeing them as a riskier bet. 

Year-over-Year Recovery Ticks Up

Year-over-year (YoY) trends, meanwhile, show more variance. Fully remote work was still commonplace during the height of the pandemic in early 2021, so the beginning of 2022 saw YoY foot traffic elevated significantly. But with vaccines becoming widely available in April 2021, workers began returning to their offices – so the comparisons to months when the workplace recovery was already underway led to narrowing visit gaps from May 2022 onward. 

May and June 2022 saw office visits increase 36.9% and 25.2% YoY, and though July’s numbers pulled downward to 9.4% YoY growth, YoY foot traffic increased again in August, with 13.5% more visits than the previous year. The quick correction of a mild downward swing combined with the consistently positive visit growth is a promising sign for office buildings and indicates that the recovery is still ongoing. 

Minimal Month-over-Month Drops in August

After an Omicron-induced drop in month-over-month (MoM) office visits in January, February and March saw significant MoM growth. April and May saw MoM visits trend slightly down, as rising gas prices incentivized workers to stay home, but picked up again in June and July. And despite August being one of the most popular months for vacation, the month saw only a minor downturn of 1.5% fewer office visitors than July – another positive sign for the ongoing workplace recovery. 

Differing Recoveries by Region 

Digging into individual city data shows that some are exceeding the nationwide average, with foot traffic to offices in New York City, Denver, and Washington, D.C. tracking with, or exceeding the nationwide average since January 2022. 

The regional variance in office foot traffic recovery may be attributed to the dominant sector in a given geographical area. New York City is home to many finance and healthcare institutions, which have been less open to work-from-home or hybrid work, and that may be leading to higher than average Yo3Y office visits. In Washington, D.C., where Yo3Y office visits exceeded the nationwide average in August 2022 for the first time all year, the return of federal workers may be driving nearby law firms and other businesses that work closely with government officials to bring their employees back as well.

Meanwhile, the tech industry, which has a large presence in San Francisco, is more amenable to remote work, with a recent survey suggesting that 85% of tech workers are either working fully remotely or in a hybrid model. This may explain San Francisco’s lagging office recovery – in August, the city saw 63.7% fewer office visits Yo3Y.

Migration trends can also impact  the return to office in a given locale. Denver, which saw a significant uptick in the number of people moving in over the past few years, also saw a strong office return. July and August 2022 saw 32.9% and 37.7% fewer visits to Denver offices, tracking or exceeding the national average of 39.5% and 38.7%, respectively. And Chicago, where Yo3Y visits are slightly trailing nationwide visit averages, saw the population of its CBSA drop 1.9% between July 2019 and July 2022 according to migration data. 

Settling Into the New Normal

As foot traffic continues its steady upward trajectory, many companies are planning on reducing the amount of office space they hold and finding creative tenants for their offices. 
Will offices catch up to pre-pandemic occupancy levels? Visit to find out.

Get 3 brand & industry
breakdowns every week

Subscribe to the newsletter

Great! Prepare your inbox for data-driven insights...
Oops! Something went wrong while submitting the form.

Get a Demo

Please enter your first name
Please enter your last name
Please provide a valid email
Please enter your email
Please enter company name

Thanks for reaching out!

One of our experts will be in touch soon

Try Free
Oops! Something went wrong while submitting the form.
Text Link
Office Building Index
Text Link
Hybrid Work
Small Coffee Chains Brewing Big Success White Paper Recap – November 2023
Thanksgiving Travel 2023 Recap
Checking in With Nike and Lululemon
Black Friday 2023 Retail Recap
Starbucks’ 2023 Holiday Menu & Red Cup Day Performance
Turkey Wednesday 2023
Who Attended the 2023 Pickleball Championship? 
Three Surprising Holiday Shopping Trends
What’s in Store for Ulta Beauty This Holiday Season?
Best Buy and Department Stores: A Holiday Deep Dive
Discount & Dollar Stores: Strength Toward The End of the Year
The State of Off-Price Retail: Discounts Seal The Deal
Placer Mall Index Recap: October 2023 Office Index: October 2023 Recap
Retail Corridors Ahead of the 2023 Holiday Season
California, Here Gap Comes
Checking in With Home Improvement
Getting Into the Glasses Game: Warby Parker Takes Over
Fitness Positioned for a Strong 2023 Finish
White Paper Recap: October 2023
Coffee Giants Brewing Up Business
Popeyes and Burger King Lead the Way
Diving into Yum!
Looking Ahead to Black Friday 2023
Blockbusters Drive Movie Theater Comeback
Crocs and Boot Barn: Shoe-Ins for Success
McDonald’s and Chipotle's Winning Recipe
The State Of Steak: Checking in With Texas Roadhouse
Pleasant Pastimes: Pickleball Potential Proves Potent
Who’s Driving Downtown Manhattan’s Weekend Revival?
Diving into Downtown Manhattan Foot Traffic Trends
Rite Aid: Rightsizing Right
Major League Soccer: Its Die-Hard and Casual Fans
The Anchor Recap: September 2023 Office Index: September 2023 Recap
Placer Mall Index Recap: September 2023
September White Paper Recap
The Consumer Habits of College Students
JCPenney: Rightsizing and Revitalizing
Pent-Up Demand Ahead of October Sales Events
4 Strategies Retailers are Using to Drive Traffic to Their Venues
5 Key Regional Grocery Players Impressing in 2023
Upscale Kitchenware Trending Up
Costco Finds More Room for Growth
Four C-Store Chains Making an A-Grade
National Parks + Outdoor Summer Activities
Diving Into Darden: Summer 2023 Update
The Summer Event Effect
Messi: Massive in Miami
Looking Back on Back to School 2023
The Anchor Recap: August 2023 Office Index: August 2023 Recap Mall Index: August 2023 Recap White Paper Recap: August 2023
Starbucks Pumpkin Spice Latte Strikes Again
Big Scoop: We All Scream For Ice Cream
Sports Away: Lululemon & Nike’s Momentum Continues
Summer Visits Heat Up For Recreation and Outdoor Gear Chains
No CSS overwrite - July 2023 Office Index Recap
Staging - August 2023 Mall Indec
Mid-Atlantic Grocery Deep Dive
Experiential Chains Heating Up This Summer
Petco Goes Big by Going Small
Ulta Beauty: Leading the Discretionary Pack
Discount and Dollar Chains Continue to Thrive
Summer of Sports: DICK’s Sporting Goods and Hibbett Sports
Off-Price: Succeeding Into Summer
The Anchor Recap: July 2023
Superstores Maintaining Pandemic Gains Amidst Economic Headwinds
2023: Home Improvement at the Halfway Point
July 2023 Office Index Recap Mall Index: July 2023 Recap
The Taylor Swift Visit Lift
Southwestern Grocery Dive
July 2023 White Paper Recap: Halfway Point Review & Quarterly Index
Yum! Brands: Driving Dining Visits
Slurpees and Summer Movies Stimulate Consumer Foot Traffic
Cool Beans: Summer Coffee Update
Checking In on Back to School 2023
Crocs and New Balance Tip The Scales
Burger Bliss: Shake Shack and In-N-Out Stacking Visits
Chipotle & McDonald's Continue to Reign Supreme
Vibenomics and Partner to Enhance Retail Media In-Store Measurement
California Grocers Here We Come!
Marriott’s Different Audiences
Bonchon and Kura Sushi Thrive in the Fast-Casual Scene
A Shoe In: Footwear Climbs to the Top
Cheers! Raising a Glass to Beverage Retail Office Index: June 2023 Recap Mall Index June 2023 Recap – A Turn of the Tide and a Dive into Open-Air Lifestyle Centers
Local Kitchens: Redefining the Restaurant
Unlocking Urban Insights: The Value in Manhattan’s Employees
Ohio State Parks On The Rise
How is Inflation Impacting the High-Income Shoppers?
Five Fast-Growing Dining Chains
What To Expect From Prime Day and July Sales Events in 2023
The State Of Fashion: How Are Apparel Retailers Faring in 2023?
2023’s Latest Dining Success Story: GEN Korean BBQ House
The NBA Finals: A Location Intelligence Perspective