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Mon Mar 29, 2021, 04:26 PM

Office vacancies in NYC rise to their highest-ever rate of 16.4% and a FIFTH of San Francisco's offi

Office vacancies in NYC rise to their highest-ever rate of 16.4% and a FIFTH of San Francisco's offices sit unleased: Spotify and Squarespace say staff can work remotely forever

Office vacancies in key NYC business districts of Midtown and Lower Manhattan higher than any time, including post-9/11 and Great Recession of 2008
Huge swaths of office space lie empty as employers such as Spotify - which leases 16 floors of World Trade Center - tell staff they can WFH permanently
In San Francisco, nearly a fifth of office space remains empty as Squarespace and Twitter tell staff they can work from home indefinitely
Salesforce has big offices in New York and SF and says it'll reimagine work, too
NYC Mayor Bill de Blasio has ordered 80,000 city workers back to office by May
A proposed $7bn tax hike and fears of future outbreaks could see dozens of companies abandon New York, some corporate advocacy groups warn

https://www.dailymail.co.uk/news/article-9414379/Office-vacancy-New-York-higher-post-9-11-Great-Recession-2008.html

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Reply Office vacancies in NYC rise to their highest-ever rate of 16.4% and a FIFTH of San Francisco's offi (Original post)
Klaralven Mar 29 OP
MissB Mar 29 #1
PoliticAverse Mar 29 #2
Klaralven Mar 29 #3
PoliticAverse Mar 29 #4
LonePirate Mar 29 #5
Mr.Bill Mar 29 #7
fierywoman Mar 29 #8
TreasonousBastard Mar 29 #6

Response to Klaralven (Original post)

Mon Mar 29, 2021, 04:29 PM

1. Not a time to be building office buildings

So many employers seem to be embracing the idea of remote work.

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Response to Klaralven (Original post)

Mon Mar 29, 2021, 04:40 PM

2. Anyone that has commuted on the NYC sardineway during rush hour can understand why. n/t

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Response to PoliticAverse (Reply #2)

Mon Mar 29, 2021, 04:44 PM

3. Subway ridership down 2/3 on weekdays

Bus down half, LIRR and Metro North down 3/4. https://new.mta.info/coronavirus/ridership

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Response to Klaralven (Reply #3)

Mon Mar 29, 2021, 04:51 PM

4. Wow, that's a lot. n/t

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Response to Klaralven (Original post)

Mon Mar 29, 2021, 04:55 PM

5. All of that available space and both cities have massive affordable housing shortages.

Time for some rezoning and space conversion.

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Response to LonePirate (Reply #5)

Mon Mar 29, 2021, 05:15 PM

7. Yep, and those that do it sooner will

make more money before the supply lowers prices everywhere.

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Response to LonePirate (Reply #5)

Mon Mar 29, 2021, 06:17 PM

8. My thought and hope exactly.

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Response to Klaralven (Original post)

Mon Mar 29, 2021, 05:07 PM

6. Not the first time. Back in the '80s companies were hightailing it out of Manhattan and many...

office buildings were converted to apartments. This followed the loft conversions in SoHo and the West Side when manufacturing moved out.

I lived in one of those buildings on Front St. in the Wall Street area. It was great to walk to work.

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