Similar thing happening in London and most major cities though as people continue to WFH
I can state as fact from the data from one of my own business, we offer a particular B2B service to companies. The revenue from that business is based predominantly on people being in their workplace.
Assume a starting point of 100% attendance - 20% therefore equals 1 working day.
When Covid started that revenue instantly dropped by 82%, the remaining 18% was mostly derived from fixed contractual obligations, rather than actual revenue. Since Covid has ended some of that revenue has returned, we're at about 40% of the previous run rate, so we lost 60%.
Those numbers tally with workplace patterns, where workers are only in the office for two days per week, equating to the 40%.
Many customers now state on their email footer what their office hours are, and it's rarely 3 or more days in the office, usually just two.
What my clients tell me is that they have to offer this flexible work from home pattern, or their employees will leave and / or they can't attract new talent. I don't expect it to change anytime soon.
What I do see is exactly what that report is finding, that's offices and te locale are going to have to be more of a destination for employees, with something more than just a desk.
I already saw this already happening before Covid in "hipsterville" Shoreditch. Many of the clothes shop started serving coffee and had lounge seating, I found that a really odd, but growing trend. Co-working spaces opened in the backs of independent coffee shops. Companies were setting aside a significant proportion of their floor space to recreational areas.
The "City" offices just down the road stayed as they were.
The decline in revenues from both customer profiles however, for us is broadly the same. Indicating that even Hipster companies are unable to persuade staff to come in to the office, despite their beanbags and pool tables and free food.
I've been looking at and learning how to do office to residential conversions and repurposing some of the commercial space to more of a communal working environment, there appear to be lots of investment opportunities.