NEW YORK — A revised study, released earlier last year, measuring the impact of remote work in New York City offices has painted a more dire picture of the post-pandemic fallout than previously predicted, according to a report by The Real Deal citing academic research.
The Real Deal informa Updated results from researchers at New York University and Columbia University now find that, overall, offices in the city will lose 44% if their pre-pandemic value by 2029. This is a large increase from 28 percent previously estimated. published last year.
According to The Real DealEven those who are bullish on the state of city offices have admitted that remote work has held up longer than they thought.
The authors of the study, according to The Real Deal (which reports on property market news), found that companies that do not use their office space to the same extent are not renewing their leases or are deciding to go ahead with only part of the space.
The Real Deal informa that office buildings in the city saw a notable increase in physical occupancy after Labor Day 2022, reaching nearly 47 percent since the pandemic. However, this number appears to have plateaued as, as of May, office occupancy is slightly above 48 percent.
2023-05-24 20:59:29
#Remote #work #wipe #office #NYC #updated #report
