The Future Of Work, Office Buildings And American Downtowns

In New York at the end of January 2023, 52% of Manhattan office workers were in the office on an average weekday. This is a jaw-droppingly low number for the most vibrant city in the world, pretty much three full years after the start of the pandemic. About 10% of the local workforce is fully remote, and only 9% of employees are in the office five days a week. The return-to-office trend seems to have plateaued as the fast acceleration of returns did not occur. The “new normal” seems to hover around 55%-60% office occupancy...
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RSK: Large urban downtown Central Business Districts will be taking a hit, especially in the office sector. People are just not going back to work in the office environment. Conversions of office space into other uses is more than difficult. SOmething is going to have to give!