TL;DR
Soon, selecting the Add new button in OneDrive for the web will give you the existing option to create a new blank file and Create from templates for Microsoft Word, Excel and PowerPoint. Now due late March to late June 2024.

Details
There are two main parts to this update:

Create with templates: browse templates by category or search for a specific template, preview each template and create a new file from it in one click or view the details page for more information. If your organisation has templates stored in an organisational asset library, these will also be available.

Select a Location: The default save location will continue to be My files, but you can select a new location if you want to create and save your file elsewhere. Selecting Add New from inside a folder will cause the new file to be created in that folder.


Availability
Due late March to mid-April 2024.
Now due late March to late June 2024. 

Source, related links, and references
MC729718.
365 Roadmap ID 363474.
Images: Microsoft.
Create an organization assets library – SharePoint in Microsoft 365 | Microsoft Learn.

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Page originally published
20th March 2024 and kept up to date.

Want to know what else is late, new, and coming soon across M365 and Teams this month? Check out the latest roundup.