Remote Work Costs Manhattan More Than $12 Billion

Bloomberg: “Three years into the pandemic, business leaders and city officials around the world are still trying just about everything to lure employees back into offices and revive local economies. But new data on in-person work analyzed by Bloomberg News show that in a number of cities across the US, Fridays at the office are dead. Mondays are a crapshoot. And returning to pre-pandemic work schedules looks like a lost cause.”

“Nowhere is the economic cost of remote work more pronounced when it comes to spending than in the world’s leading financial center: New York. Manhattan workers are spending at least $12.4 billion less a year due to about 30% fewer days in the office.”