This is an abridged version of the full report published on Hoya Capital Income Builder Marketplace on July 20th. The 'Return to the Office' is here - but it's underwhelming. Despite 80% of employees currently in post-pandemic work arrangements, office utilization rates have remained 40-60% below pre-pandemic levels. Office leasing activity has remained surprisingly resilient at just 10% below pre-pandemic levels, however, but corporations won't pay for half-empty space indefinitely. Recession concerns have slammed office REITs over the past two months on expectations that unused office space will be first on the chopping block for executives looking to curtail expenses.