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Manhattan’s Office Buildings Are Empty. But for How Long?
Today's NY Times shares that many businesses are decreasing their office space footprint as they let employees work from home.We are entering a new and unusual time post-COVID. More and more people will be working from home, further encouraging companies to decrease their amount of office space. I think this is a good thing for the most part, as it will open up jobs for people who don't necessarily live near a company's office. It also allows people to work from the comfort of their own home, which will surely increase worker satisfaction.
Excerpts:
"Even as the coronavirus pandemic appears to recede in New York, corporations have been reluctant to call their workers back to their skyscrapers and are showing even more hesitation about committing to the city long term.
Fewer than 10 percent of New York’s office workers had returned as of last month and just a quarter of major employers expect to bring their people back by the end of the year, according to a new survey. Only 54 percent of these companies say they will return by July 2021."
"Elected officials, real estate tycoons and even Jerry Seinfeld, the comedian, have issued paeans to New York’s resilience, arguing that city has a history of bouncing back. The city will soon be brimming with people, by their telling."
"But pessimists — including some New York hedge fund managers — see dark days ahead. They contend that companies will tell most employees to stay away until a vaccine is widely distributed and perhaps for much longer."
Read more:
https://www.nytimes.com/2020/09/08/business/economy/new-york-office-space-coronavirus.html
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