Following other large corporations, New-York based asset manager BlackRock will order a massive return of its employees in the office starting this autumn. The company added a day to its current requirement of three days a week in the office in a bid to boost collaboration and training of its employees.
According to a BlackRock memo seen by the Financial Times, employees would be expected to be in the office four days a week from September 11. At the same time, each employee will be able to work remotely just for two weeks a year, during a “relevant” period. The company manages more than $9 trillion in assets and has more than 20,000 employees in 30 countries.
The decision comes after the company moved into a new headquarters in Manhattan’s Hudson Yards development at the beginning of 2023. The lease for the project was signed seven years ago.
JPMorgan Chase is another financial player that announced in April that all of its managing directors will have to work from the office daily.
The office return requirements are good news for landlords. At present, the office occupancy rate in New York stands just under 50%, which is actually the national average, according to data from Kastle Systems.
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