More than $12 billion is lost annually in New York City as a result of the remote work trend.
According to a Bloomberg analysis of a WFH Research research released on February 12th, office workers are spending $4,661 less per person in the neighborhoods around their offices than they were prior to the pandemic. New York City is considered one of the best places for remote work.
With a $12.4 billion annual deficit, the Big Apple has experienced the biggest drop in expenditure nationwide. The amount was computed by dividing the yearly reduction in expenditure per worker after inflation by the almost 2.7 million commuters and residents of Manhattan who worked in 2019.
According to WFH Research, the team used current working-from-home rates from the Survey of Working Arrangements and Attitudes waves conducted from June to November 2022 and calculated the average amount of post-COVID work-from-home days to arrive at the report’s results. It also evaluated the annual loss in spending as well as the decrease of person days on firm premises due to work-from-home rates.
Notably, a recent survey by the Partnership for New York City found that just 52% of office workers in Manhattan are present at work on a typical workday, and only 9% of workers are present five days a week.
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