FILE © Seth Harrison/The Journal News-USA TODAY NETWORK via Imagn Content Services, LLC
(New York, NY) – Due to a variety of factors, it appears the post-COVID return to office is more robust in Europe and Asia, than in New York City. The Wall Street Journal reports while the US’s return-to-office rate is around 50%, Paris and Tokyo are now above 75%. Earlier this year, New York City Mayor Eric Adams discussed the importance of getting workers back to the office.
The Journal references property-services firm JLL in saying US workers have more earnestly embraced remote work, as influenced by larger US homes, longer commute times, and a comparatively stronger labor market.
Empty office buildings mean fewer workers buying coffee, grabbing items in shops, and going out to eat at local restaurants. Andrew Rigie, Executive Director of the New York City Hospitality Alliance, says the restaurant industry has changed significantly.
Manhattan is reportedly at an especially high risk of being impacted by lower return-to-office rates, where falling property values mean less tax revenue, pressuring the city budget. The MTA is already feeling the heat as fewer commuters means reduced fare revenue.
Commuting is more of a pain here in the US, when compared to Europe and Asia. Our transit systems are less reliable and more prone to delays. We also face longer commute times. New York City’s average commute time is 58 minutes one-way, with Chicago not far behind at 57 minutes.
Office leasing and co-work company WeWork says while just over 7 in every 10 desks were leased in the fourth quarter of 2022, that lags behind Paris, London, and Singapore – which had 8 in 10 desks rented.
