The shift to remote work destroyed about $58 billion, or 33%, in the value of office real estate in New York City through 2021, according to a working paper.
," published earlier this summer, underscores how the work-from-home boom was largely a bust for pricey corporate office space.
If it turns out that office culture has permanently moved away from a five-day-a-week in-person model — and there are strong signs that's happening — than there will be more losses to come, the authors say.While no one is crying for big office landlords, the decline in value — and loss of workers it signals — could have significant spillover effects on the city, which depends on a steady stream of commuters to fill-up tax coffers.
"Certainly we think there are a lot of important knock-on consequences this shift is going to have," he said.
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