It seems like it going to suck.
The Office US version was a sort of reboot of the UK version with Ricky Gervais, but they did a great job of making it distinct from the original. I have watched both a few times, and each has their moments. One thing the US version did so much better than the UK was creating lovable characters and relationships that help propel the show forward. The long multi-season arcs of friendships, romances, and personal growth of the characters is something I think the UK series missed by focusing mostly on dry comedy. (Not a bad thing, just different) Recreating that is going to be a challenge for any show, and trying to trade off the past success of another show feels cheap and hollow.
Aside from Oscar, is there anything tying this new show to the old one? Being a newspaper, they could have endless callbacks to the old show for single episode cameos for articles. Are we going to see Andy and Erin show up with a MENSA baby? Is Kevin's band Scrantonicity 2 going to get an album deal and an interview? Will Gabe finally be caught and arrested as the Scranton Strangler? Does Holly become their new HR person? Do we get to see Karen from behind? Will Creed's obituary be published by this paper after he fakes his own death?
So many possibilities, and I don't really want any of it. Seasons 8 and 9 were bad enough.