Monday, April 11, 2022

As Remote Work Becomes Permanent, Can Manhattan Adapt?

The New York Times report:
PwC, a global consulting firm with its American headquarters in New York City, has told 40,000 of its United States employees that they can work remotely forever. Quinn Emanuel Urquhart & Sullivan, a white-shoe law firm with about 300 lawyers in New York, is allowing its staff to live anywhere in the country. Verizon, which is headquartered in New York, has started permitting hybrid employees to come to the office as many, or as few, days a week as they want.
There's more:
The list of companies permanently changing the way they work keeps growing longer, making the five-day-a-week trek into Manhattan an increasingly fading corporate practice — with enormous consequences for New York, whose economy is especially dependent on filling its forests of office towers.
The effect?
With more companies settling into a permanent period of hybrid work, the average New York City office worker is predicted to reduce annual spending near the office by $6,730 from a prepandemic total of around $13,700, the largest drop of any major city, according to research from economists at Instituto Tecnológico Autónomo de México, Stanford University and the University of Chicago.
An article , well worth your time.