According to New York’s comptroller Thomas DiNapoli, the city’s office market will likely take years to recover from the pandemic.
Because more employers are offering remote working arrangements and reconsidering their office space, the full recovery for the industry may be far off.
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A report showed that the pandemic cut the value of New York’s office buildings by around $28.6 billion, while also costing the city over $850 million in property tax revenue for the 2022 fiscal year.
“When the pandemic hit, companies shifted office workers to remote work, rents fell and vacancies rose,” the report said. “I am optimistic for the sector’s recovery but its short-term future remains uncertain as employers assess future use of the space.”
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