As TD Bank staff return to offices four days a week, London’s downtown sees rising foot traffic and renewed optimism for local businesses.
TD Bank’s Office Return Signals Downtown Revival
Thousands of TD Bank employees are back in downtown London offices this week as the bank enforces a new four-day in-office work mandate, signaling a potential turning point for the city’s struggling core economy.
Why It Matters for London’s Core
London’s downtown vacancy rate, once the highest in Canada, has improved slightly — down to 30 per cent from last year’s record 31.4 per cent, according to CBRE. The influx of returning office workers is expected to further boost local businesses that have faced years of decline since the pandemic began.
Vicky Smith, head of Downtown London, said the return-to-office trend is visibly transforming the city’s streets. “We had 32,000 employees in the downtown in 2021, and as of 2024 we’re back up to about 40,000,” she said. “It’s still lower than pre-COVID levels, but we’re trending in the right direction.”
The Companies Leading the Shift
TD Bank, which occupies two towers at Wellington and Dundas streets, began requiring non-executive employees to work in-office at least four days a week starting Monday.
A memo from TD’s Chief Human Resources Officer, Melanie Burns, cited improved collaboration, decision-making, and company culture as reasons for the policy.
The move aligns with similar actions by other major Canadian employers. RBC, BMO, Scotiabank, and Canada Life have all implemented hybrid models mandating three to four days in the office. Even London City Hall now requires its employees downtown four days weekly.
Economic Ripple Effect on Local Business
The change is already being felt by local entrepreneurs. “Just having more people out and about downtown, that’s only going to improve the downtown,” said Smith. Restaurants, retailers, and service providers stand to benefit most as workers return to their lunch-hour routines.
At Nooners, a family-owned eatery operating since 1986, owner Katrina Wice said business is slowly rebounding. “We’ll never get back pre-pandemic, but we’ll get back to a new busy,” she said. “Half the amount of staff, but still lined up.”
However, not all share her optimism. Joseph Radziunks, owner of Udupi Krishna on Dundas Street, said the impact hasn’t reached every business. “I heard office workers are coming back four days a week, but we don’t see the business going up yet,” he said.
A Changing Downtown Landscape
The gradual recovery is supported by office-to-residential conversions such as the 376 Richmond Street project, which added 41 residential units while reducing vacant office space. Urban planners say the mix of residents and workers is key to revitalizing London’s core.
“Even if we don’t reach pre-pandemic levels, the combination of new residents and returning office workers is creating balance downtown,” said Smith.
Looking Ahead
With major employers returning to traditional office schedules, event-driven foot traffic, and new residential developments, London’s downtown is showing early signs of recovery. “It’s always nice for employees to have flexibility,” Smith said, “but we love having them downtown — it makes the place more vibrant.”
For business owners like Wice and Radziunks, the coming months will reveal whether this renewed energy translates into sustained growth. For now, the city’s long-quiet streets are beginning to buzz again.
