Fewer than 10 percent of the New York’s office workers had returned as of last month and just a quarter of major employers expect to bring their people back by the end of the year, according to a new survey. Demand for office space has slumped. That is putting the office market on track for a 20-year low for the full year. There is more square feet of work space in the city than in London and San Francisco combined, according to Cushman & Wakefield, a real estate brokerage firm. Office work makes up the cornerstone of New York’s economy and property taxes from office buildings account for nearly 10 percent of the city’s total annual tax revenue.

Source: New York Times September 08, 2020 20:24 UTC