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NYC office recovery
Tags: BUSINESS

New York State Comptroller Says Office Recovery Could Take Years

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.

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.” 

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

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