A revised study, previously released last year, that measured the impact on remote work on New York City offices has painted a more dire picture than it previously did when it comes to this specific post-pandemic fallout, according to a The Real Deal report that cites academic research.
The Real Deal reports that updated results from researchers at New York University and Columbia University now finds that as a whole offices in the city will lose 44% if its pre-pandemic value by 2029. This is a steep increase form the estimated 28 percent previously published last year.
According to The Real Deal, even those who are optimistic of the state of offices in the city have admitted that remote work has endured more than they thought it would.
The authors of the study, as per The Real Deal (which reports real estate market news), found that companies that do not use to the same extent their office space are not renewing their leases or are deciding to move forward with only a portion of the space.
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The Real Deal reports that office buildings in the city saw a notable uptick in physical occupancy after Labor Day 2022, hitting almost 47 percent since the pandemic. However, this number seems to have been a plateau since, as of May, office occupancy is slightly higher than 48 percent.
