Summary of Remote Work Is Here to Stay. Manhattan May Never Be the Same.

Looking for the article?
We have the summary! Get the key insights in just 5 minutes.

Remote Work Is Here to Stay. Manhattan May Never Be the Same. summary

Editorial Rating

8

Qualities

  • Overview
  • Background
  • Concrete Examples

Recommendation

The coronavirus pandemic continues to shape how and where people work, Matthew Haag reports in The New York Times. Remote working, once an uncommon benefit, became the norm almost overnight as lockdowns gripped cities around the world. A year later, these policies are here to stay, as employers and employees recognize the benefits of flexible work. However, cities and businesses miss the income daily commuters generate, as distinctions between work and home life blur. These effects may linger long after the pandemic ends.

About the Author

The New York Times reporter Matthew Haag covers the intersection of real estate and politics in New York City. 

Summary

The pandemic burst the commercial real estate bubble in Manhattan.

The coronavirus pandemic changed how companies function. Many are reducing downtown office locations, to the detriment of local businesses and municipalities. This is particularly apparent in New York City, where many firms that occupied prime commercial real estate are reducing, or even abandoning, their rented offices. 

Manhattan, where 1.6 million commuters once passed through each day, acutely feels the impact of the shift toward remote work.  As a signal to encourage corporations to bring their workforce back into city office buildings, New York’s mayor Bill de Blasio says he expects 80,000 city workers to return in May.

Yet some of the largest occupiers of Manhattan commercial office space, including JPMorgan Chase & Co. – which employs more than 20,000 people in New York City – have announced they will shrink their full-time office presence in the future. The company is considering a hybrid solution.

Mega-accounting firm PricewaterhouseCoopers...


Comment on this summary

More on this topic

Winners and Losers in the Work from Home Revolution
8
Return to Office Plans Are Set in Motion, but Virus Uncertainty Remains
8
Remote Work Is Killing the Hidden Trillion-Dollar Office Economy
8
Why Remote Work Is So Hard – And How It Can Be Fixed
9
Out of Nowhere
8
Six ways your office will be different in 2021, assuming you ever go back to it
8

Related Channels