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A real-estate billionaire said Fridays are ‘dead forever’ for offices and remote work guru Nick Bloom says he’s right—it’s part of a new 3-part week

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In June, Steven Roth, the billionaire chairman of Vornado, one of New York City’s biggest commercial landlords, said that as far as in-office work is concerned, Fridays are “dead forever”. He added that Mondays weren’t far behind (“touch and go,” as he phrased it).

Now, Nick Bloom, Stanford economics professor and head of WFH Research—a group that has been digging into remote work data since before the pandemic—has officially deemed Roth correct.

“Friday has become the day to #wfh,” Bloom tweeted on Friday, adding that it “looks like he [Steven Roth] was right.” But as always with Bloom and his vaunted remote work research, there is more to the story.

Despite the fact that offices have been completely desolate on Fridays for over three years now, Bloom told Fortune that he was nonetheless surprised that Roth’s prediction has ended up bearing out. “I thought this would be more stable, but I guess … Friday [is] increasingly winning out in the WFH stakes,” Bloom told Fortune by email on Friday. “I think it’s part of the bigger push towards coordinated hybrid, whereby we have firms pushing for folks to come in on the same days.”

In-person socializing and collaboration, as always, is the main appeal for office work. As a result, Bloom said, it makes sense to coordinate with one’s coworkers, among whom the consensus has been made clear: “That includes coordinating to be home on Friday.” Indeed, coordinating in-office days among teams is the best way to pull off “organized hybrid,” the term Bloom uses to describe the gold standard working arrangement.

The new Friday calculus shows Bloom that there is now a “3-part week,” he tweeted. Mondays through Thursday are one thing, the weekend, when offices are closed, is another—and then there’s Friday.

Back-to-work mandates rarely include Friday

While it’s certainly unlikely that cubicles will ever be populated on Saturdays and Sundays, Fridays may still have a fighting chance—especially given how many major corporations have finally put their foot down about returning to the office. For years, many high-profile companies have faced fierce resistance from employees they’ve ordered back to work.

Amazon instituted a three-day minimum for in-person work back in February. The policy faced its latest snafu earlier this week when some employees got a disciplinary email even though they’d been complying with the new rules. Google also has a policy of a mandatory three-days in the office, and will reportedly only consider full-time remote work in exceptional circumstances.

Meanwhile, Salesforce upped the ante even further, with an obligatory four days in-person for some teams. Based on Bloom’s research one might suspect the lone work-from-home day for Salesforce employees might naturally be Friday.

Bloom also has data to back up that employers and employees don’t see eye to eye on the number of days they’re meant to be in the office. On average, there’s about half a workday’s difference between the number of days workers would like to be in the office compared to what their bosses expect—or require, WFH Research has found.

Per a recent report from real estate consulting firm JLL, bosses have mandated a return (at least some days per week) for 1.5 million workers, and another million are set to be given the same threat in the back half of this year.

Even though more and more companies are beginning to formalize exactly when employees are allowed to work from home, the practice remains widespread. An estimated 58% of workers—a figure that when extrapolated to the entire U.S. workforce would be equal to 92 million people—can work remotely some days of the week, per June research from McKinsey. Naturally, the fact that at least one of those days will be Friday is all but a given.

 

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National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA

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OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.

The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.

On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.

CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”

The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.

The number of newly listed properties was up 1.1 per cent month-over-month.

This report by The Canadian Press was first published Sept. 16, 2024.

The Canadian Press. All rights reserved.

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Two Quebec real estate brokers suspended for using fake bids to drive up prices

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MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.

Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.

Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.

She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.

The two brokers were suspended in May 2023 after La Presse published an article about their practices.

One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.

This report by The Canadian Press was first published Sept. 11, 2024.

The Canadian Press. All rights reserved.

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Montreal home sales, prices rise in August: real estate board

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MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.

The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.

The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.

The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.

QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.

Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.

This report by The Canadian Press was first published Sept. 6, 2024.

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