Pandemic’s Toll on NYC Office Market Will Last Years, State Says
- Value of properties dropped by more than $28 billion
- Lingering impact seen as companies embrace remote work
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New York’s office market will take years to recover from the pandemic, as employers offer remote-working options and reconsider how much space they need in Manhattan, according to state comptroller Thomas DiNapoli.
Covid-19 has reduced the market value of New York’s office buildings by nearly $28.6 billion and cost the city more than $850 million in property tax revenue for fiscal year 2022, according to a report Thursday.