{"id":51433,"date":"2023-08-22T04:25:26","date_gmt":"2023-08-22T08:25:26","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/workers-are-flying-high-in-the-sky-not-jetting-back-to-the-office\/"},"modified":"2023-08-22T04:25:29","modified_gmt":"2023-08-22T08:25:29","slug":"workers-are-flying-high-in-the-sky-not-jetting-back-to-the-office","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51433","title":{"rendered":"Workers are flying high in the sky, not jetting back to the office"},"content":{"rendered":"
\n

Air travel in the U.S. has boomed in the wake of the pandemic, showing that people are no longer staying home. The problem for CEOs is they aren\u2019t yet jetting back to the office, according to an analysis from Deutsche Bank.<\/p>\n

In early 2020, air travel was down 95% as the pandemic took hold in the U.S., a time when only essential workers were reporting to jobs outside of their homes. But as vaccines rolled out and COVID restrictions were loosened in 2021, air travel made a resurgence. <\/p>\n

\n

U.S. air travel this year has consistently eclipsed 2019 levels, as measured by Revenue Passenger Kilometers (see chart), an industry measurement for the number of kilometers traveled by paying customers.<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

The surge in U.S. air travel comes despite a 15% increase in fares from a year ago and \u201can increasing number of flight disruptions \u2026 that made travel an increasingly unpleasant experience for many,\u201d according to the Deutsche Bank analysis.<\/p>\n

Shares of Delta Air Lines Inc.
\n DAL,
\n +0.60%<\/bg-quote>
\n were up 27% on the year through Monday, while those of America Airlines Group Inc.
\n AAL,
\n +0.80%<\/bg-quote>
\n were 19.2% higher and those of United Airlines Holdings, Inc.
\n DAL,
\n +0.60%<\/bg-quote>
\n have gained 31.6% over the same stretch, according to FactSet. <\/p>\n

Yet office buildings still sit half empty, according to Kastle Systems\u2019 most recent 10-city back-to-work barometer. Its weekly snapshot has been widely followed since the COVID crisis, but represents only keycard swipes at buildings using its service, not all U.S. office properties.<\/p>\n

The divergence spurred Delta Chief Executive Ed Bastian, in a recent interview with Semafor, to say of executives moaning about their struggle to get workers back in the office: \u201cI know where they are \u2014 they\u2019re on my airplanes!\u201d<\/p>\n

Delta executives said in a July earnings call that a recent corporate survey also pointed to an increase in business travel in the year\u2019s second half.<\/p>\n

However, an increase in corporate travel won\u2019t necessarily dial back high office vacancy rates. A study this spring of the pandemic\u2019s hardest-hit office buildings by commercial real-estate firm CBRE found they accounted for only about 10% of office buildings in each market it tracks, but about 80% of total occupancy lost between the first quarter of 2020 and the fourth quarter of 2022.<\/p>\n

These buildings tended to be in downtown markets and generally in areas with higher crime rates and fewer amenities, like nearby restaurants, according to CBRE.<\/p>\n

The team also thinks hard-hit buildings risk keeping the long-term structural vacancy rate elevated at 14.5%, from its pre-pandemic rate of about 12%.<\/p>\n

After a brutal 2022, the S&P 500
\n SPX
\n was up 14.6% on the year through Monday, while the Dow Jones Equity REIT Index
\n XX:DJDBK
\n was off 4% for the same stretch, according to FactSet.<\/p>\n

Related<\/strong>: \u2018San Francisco is not dead\u2019: Not everyone is shunning the city\u2019s reeling office market<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Air travel in the U.S. has boomed in the wake of the pandemic, showing that people are no longer staying home. The problem for CEOs is they aren\u2019t yet jetting back to the office, according to an analysis from Deutsche Bank. In early 2020, air travel was down 95% as the pandemic took hold in […]<\/p>\n","protected":false},"author":1,"featured_media":51434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-51433","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nWorkers are flying high in the sky, not jetting back to the office | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Air travel in the U.S. has boomed in the wake of the pandemic, showing that people are no longer staying home. 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