Impact of Remote Work on Office Spaces

Three and a half years into the COVID-19 pandemic, many employees still choose to work from home at least part of the time. As a result, office occupancy rates have dropped significantly, leading to vacancies in office buildings in cities like New York. Landlords are exploring alternative uses for these spaces, such as converting them into film sets or apartments, to generate income. However, the long-term consequences are concerning, with predictions of a potential 45% reduction in the value of office stock in New York City over the next 10 years.