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HSBC's announcement of its intention to move its global headquarters raised concerns about Canary Wharf's future. The most revealing part of the story however is not where the bank is moving from, but where it is moving to.
The share of remote job postings has increased in all cities since the pandemic, but the dominance of hybrid rather than fully-remote working means that this won’t ‘level up’ economic opportunity in the UK.
From an economic perspective, returning to the office is important. But long and expensive commutes are making workers reluctant to do so.
There are a number of market failures in the return to the office that mean that policy should take an active role in encouraging the return to the office.
While most employers have not spoken up about requiring staff in the office, most in central London have set base requirements.
Centre for Cities’ latest report gives a detailed picture on what hybrid working looks like in central London.
The authors of our new report look at hybrid working in London and address several possible future scenarios for work in the Capital.
Three years on from lockdown, central London workers spend on average 2.3 days in the office per week. Will a London running on 59 per cent of January 2020’s office attendance levels be enough to avoid a slump in the UK's long term productivity and prosperity?
How will the shift to hybrid working limit London’s future potential and how should policy tackle this?
Lockdown changed how we live, work and shop significantly, but not all these changes have endured, nor have they been evenly spread across the country.