I'm somewhat involved in the "Future of Work" planning for the office where I work which is a large global financial institution. For the past few months, every big firm that has space in the downtown center towers has been waiting to see what everyone else is going to do first before making an announcement. No one wants to be the first mover. However, a growing consensus is emerging that there will be only modest changes. I would expect at minimum 85% will be back at work as they were, with no more than a small allowance for working from home on an occasionally booked basis. Some firms already had this before, though only once a month or so and it may become three or four times a month. The other 15% will be working from home on a more regular basis, or move out to new and/or expanded satellite offices in the outer suburbs. Probably 5% or less will work from home a majority of the time. There seems to be near zero appetite for this in the financial and legal industry, and over in the tech businesses which had trumpeted forever working from home forever we now hear they are quietly walking that back internally to a point they might wind up with 80% staffing in offices regularly too.
There would be a modest drop in downtown workers from this, but space consolidation will happen quickly, and that new vacant space will be immediately back filled from offices moving into the core from the core-shoulders or other less desirable areas to take advantage of rent incentives.= from the institutional owners.
Some firms in the past few months projected a 2022 return based on the very slow initial vaccine roll-out, but now they are moving up the return projections to September, given the current quick vaccination pace. Also, many are separating the "return to work" from the "future of work," so they may call everyone back to the office for the same daily grind as before, and only then finalise plans for a work from home vision that would go into effect next year.
Overall, I expect this time next year to have a slight increase in traffic into downtown compared to February 2020 (assuming that the COVID shut downs are actually over - if not it's a different story).