{"id":56834,"date":"2021-03-20T13:18:27","date_gmt":"2021-03-20T17:18:27","guid":{"rendered":"http:\/\/stateofthenation.co\/?p=56834"},"modified":"2021-03-20T13:18:27","modified_gmt":"2021-03-20T17:18:27","slug":"the-manhattan-commercial-real-estate-collapse-is-going-to-be-brutal-beyond-compare","status":"publish","type":"post","link":"https:\/\/stateofthenation.co\/?p=56834","title":{"rendered":"The Manhattan Commercial Real Estate Collapse Is Going To Be Brutal Beyond Compare"},"content":{"rendered":"

Two-Thirds Of Manhattan White-Collar Workers Will Not Return To Office Full-Time, Survey Says<\/h1>\n

ZeroHedge.com<\/p>\n

“Working from home” or at least some sort of the “hybrid” work model (a combination of work-at-home and office) could be the “new normal,” according to a new study of Manhattan’s largest employers.<\/p>\n

Despite COVID-19 vaccine rollouts and virus-related infections, hospitalizations, and deaths declining in recent months, the\u00a0Partnership for New York City<\/a>\u00a0released a survey this week that found 22% of Manhattan’s most prominent employers would require workers to return to the office on a full-time basis.<\/p>\n

About 66% of respondents said they would adopt a hybrid work model, where employees will bounce between home and office during the workweek. 9% of respondents said workers would not be required to return to the office.<\/p>\n

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Respondents estimate just 45% of Manhattan’s one-million office workers will return by September. Whatever model employers chose, there is no rush to bring employees back to the office.<\/p>\n

In fact, companies are using virus pandemic as an excuse to downsize their corporate footprint in the borough. The latest report from Colliers showed just that. Office rents in Manhattan are\u00a0plunging<\/a>\u00a0amid the glut of available office space has hit the highest on record going back two decades.<\/p>\n

The hybrid work model or even permanent work-at-home accommodations by employers has allowed tens of thousands of white-collar workers to move out of the metro area for suburban life.<\/p>\n

The virus pandemic has deeply\u00a0scarred<\/a>\u00a0New York City’s economy and will have long-lasting effects. Many small and medium-sized firms that rely on office worker consumption continue to see a downward spiral in business.<\/p>\n

A recovery of Manhattan depends on the complete return of office workers back to 2019 levels, something we believe won’t happen.<\/p>\n

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\nhttps:\/\/www.zerohedge.com\/markets\/two-thirds-manhattan-white-collar-workers-will-not-return-full-time-survey-says<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Two-Thirds Of Manhattan White-Collar Workers Will Not Return To Office Full-Time, Survey Says<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-56834","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts\/56834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56834"}],"version-history":[{"count":0,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts\/56834\/revisions"}],"wp:attachment":[{"href":"https:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}