Elevated office building vacancy rates in major American cities like New York and San Francisco are raising concerns that their economies may face an 'urban doom loop.'
Bruce Mosler, Global Brokerage Chairman at Cushman and Wakefield, joined ‘Varney & Co.’ to discuss the impact remote work has had on the evaluation of office buildings.and San Francisco are facing an "urban doom loop" as the workforce shifts away from office work in the wake of the COVID-19 pandemic – a trend that has economists raising alarm about the fiscal impacts.
The economists who wrote the paper – Arpti Gupta of New York University’s Stern School of Business, and Columbia Business School’s Vrinda Mittal and Stijn Van Niuwerburgh – noted that office occupancy in major U.S. office markets plummeted from 95% in February 2020 to 10% at the end of March 2020 due to the pandemic. As the economy has reopened, occupancy hasn’t fully recovered and had only reached 47% of its pre-pandemic level in mid-September 2022.
New York City's vacancy rate for office buildings is over 22% this year – about double its long-term average.in New York City’s commercial office value might be $518.7 billion in the short run and $453.6 billion in the long run.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Party and protest mix as LGBTQ+ pride parades kick off from New York to San FranciscoThousands are expected to march in New York, San Francisco and other North American cities in parades that will be part party, part protest.
Read more »
LGBTQ+ Pride revelers flash feathers and flags in the streets from New York to San FranciscoLGBTQ+ revelers and allies are partying coast to coast for the premiere weekend of Pride Month
Read more »
LGBTQ+ Pride revelers flash feathers and flags in the streets from New York to San FranciscoCelebrations mingled with displays of resistance Sunday as LGBTQ+ pride parades filled streets in some of the country's largest cities in annual events that have become part party, part protest.
Read more »
LGBTQ Pride revelers flash feathers and flags in the streets from New York to San FranciscoCelebrations mingled with displays of resistance Sunday as LGBTQ+ Pride parades filled streets in some of the country's largest cities in annual events that have become part party, part protest.
Read more »
Party and protest mix as LGBTQ+ pride parades kick off from New York to San FranciscoParades in New York, Chicago and San Francisco are among events that roughly 400 Pride organizations across the U.S. are holding this year, with many focused specifically on the rights of transgender people.
Read more »
LGBTQ+ Pride Month reaches its grand crescendo on city streets from New York to San FranciscoLGBTQ+ revelers and allies are partying coast to coast for the grand crescendo of Pride Month
Read more »