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New York's offices are struggling to fill up as remote work continues to be popular. Currently, office occupancy in the city is at 41% of pre-pandemic levels, with just 9% of office workers returning five days a week. Economists are concerned that this trend could lead to a decline in downtown and midtown businesses, a decrease in tax revenue, and a strain on public services.
If the nearly 100 million square feet of office real estate stays empty, who loses?
A dermatology practice expands in Queens, and a prewar warehouse sells in Williamsburg
The Dermatology Specialists’ offices in Long Island City, Queens, got quite the facelift.
US banks’ unwillingness to lend and building owners’ desperation for credit have created a standoff. Some landlords threaten to default, betting banks and investors stand to lose more in a foreclosure.