As the debate over remote work continues, employers are implementing more complex strategies to entice employees back to the office. However, is this push for a return-to-office actually making an impact? This question was explored by Placer.ai through analyzing data from Manhattan, which is known as the center of America’s financial and business industries.
The data and analytics firm focused on how New York City’s office market compares to national trends in terms of recovery since June 2021. They also delved into the reality of Manhattan’s work week and identified patterns within its diverse neighborhoods.
Despite foot traffic in Manhattan offices still being below pre-pandemic levels, it has been recovering at a faster rate than the national average according to data collected from 72 major buildings in Midtown and Lower Manhattan. However, Placer.ai notes that remote work has had a significant impact on New York City with many empty offices costing an estimated $12.4 billion annually.
This analysis can be found in The New York City Office Recovery white paper published by Placer.ai.
