For a casual office environment that bag is fine. My issue is more with the price point since $150-ish is putting you in the same range as Duluth, Frost River and even Filson. All three of those companies make great waxed canvas/leather bags that you can count on lasting you an eternity.
I rock the Frost River zippy tote https://www.frostriver.com/shop/zippy-tote/ and I love it. Go with the large size and you have a perfect combo work/overnight/weekend bag.