The office real estate sector is worth over $1 trillion. If we take our estimate for the value decline in New York City and extrapolate that to the entire country, we would estimate a long-term impact of $453 billion. A recent report from the Federal Reserve Bank of San Francisco found that the shift to remote work accounts for more than half of overall house price growth.
The last two years have radically changed the way we work — producing winners, losers, and a lot of surprises.