The five-day workweek is dying

In the past few months, I’ve noticed that tech, media, and finance companies have basically stopped talking about their full return-to-office plans. And I’m not the only one. “I talk to hundreds of companies about remote work, and 95 percent of them now say they’re going hybrid, while the other 5 percent are going full remote,” Nick Bloom, an economics professor at Stanford University, told me. The exceptions to the rule, such as Goldman Sachs, are scarce.

“The number of person-days in the office is never going back to pre-pandemic average, ever,” Bloom told me. After two years of working from home, he said, employees don’t just prefer it. They also feel like they’re getting better at it. Despite widespread reports of burnout, self-reported productivity has increased steadily in the past year, according to his research.

In the next decade, U.S. workers will spend about 25 percent of their time working from home, Bloom says. That’s 20 percentage points higher than the pre-pandemic figure, leaving companies with an important choice: sign for significantly less office space, or accept that significantly more of your space will go unused on a given day.