INTERVIEW
13 % at the start of the year to 20 % in end-May . With California ’ s lockdown ending 15 June 2021 , we expect to see occupancies pick up at our three assets there , namely Figueroa , Michelson , and Capitol .
There remains a strong structural demand for offices . In the last quarter , virtual office tour activity by tenants had improved across all locations . Given the strong focus on the knowledge economy in the US , office-using industries have been predicted to take a disproportionate share of future job gains , according to Moody ’ s . PwC ’ s U . S . Remote Work Survey 2021 showed that 70 % of tenants require the same or more office space post COVID-19 , due to rising headcount and social distancing needs .
Additionally , employers are beginning to embrace a hybrid work model , with a heavier weightage to working from office . In the new normal , flexibility will be key . Survey findings from a Green Street Office Sector report in May noted that employees will still be expected to average 3.6 days a week in the office post COVID-19 within a hybrid work model .
Moreover , while working from home is a relatively new concept in Singapore , flexible working , which includes working from home , has been a norm for over a decade in the US . Within the wider Manulife group , 30 % of employees already had an option to work from home pre-COVID-19 . Looking ahead , JLL predicts that the historic 8 % to 10 % of the office workforce that works principally from home could perhaps double , but the majority of the white-collar workforce will continue to use the office in the US . million sustainability-linked loan in March this year for our 2021 refinancing , with further interest savings expected . It incorporates interest rate reductions linked to pre-determined sustainability performance targets , such as efficient use of energy and water , and management of GHG emissions , which is a further testament to our commitment to sustainable investing .
We will endeavour to obtain green or sustainability linked loans in the future , where feasible .
Q6
It has been a tumultuous couple of years , inclusive of the impact of COVID and the handing over of the US presidency to Biden . How has COVID impacted US office occupancy ? To what extent is there a structural shift to co-working / working from home ?
Given social distancing measures , physical occupancy in US offices was naturally impacted . Our portfolio ’ s committed occupancy stands strong at 92.0 % as at March 31 , 2021 , while our physical occupancy has inched upward incrementally from
In the new normal , flexibility will be key . Survey findings from a Green Street Office Sector report in May that employees will still be expected to average 3.6 days a week in the office post COVID-19 within a hybrid work model .
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