Office space rental plunges in expensive cities
What: Even before the pandemic places like Manhattan were seeing drops in office lease activity and as of April 2020 the numbers were down 62% compared to 2019. Companies are either downsizing or moving to the suburbs.
So What: As companies move away from expensive cities, the impact on infrastructure and local service jobs are huge. There will be significant and long-lasting effects on restaurants, transportation, retail, real estate and more as the number of customers decreases.
This article is part of Emerging Futures of Remote Work – An Institute for the Future Signals Report for The Remote Lab