Where is everybody? City workers still home

Under 10 percent back in Manhattan offices; Google extends work-from-home

New York /
Jul.July 27, 2020 11:00 AM
Only 9 percent of workers had returned to Midtown and 8 percent to Downtown. (iStock)

Only 9 percent of workers had returned to Midtown and 8 percent to Downtown. (iStock)

Echo, echo, echo…

Although New York office buildings have been allowed to reopen, not even 1 in 10 workers have returned.

The world’s largest commercial real estate servicer, CBRE, told the Wall Street Journal that only 9 percent of workers had returned to Midtown and 8 percent to Downtown.

William Rudin, whose Rudin Management Company oversees 16 office towers and 10 million square feet of Class A space, told the Journal that “people are being rightfully careful.”

Workers’ reemergence varies depending on their industry, with some of the biggest companies looking to reduce their office footprint.

Financial firms that rely on technology difficult to replicate at home have been more eager to bring their employees back to the office, although even JPMorgan Chase and Citigroup have kept occupancy to about 20 percent.

Technology companies, however, have not pushed workers to return, in part because their operations are typically possible from anywhere with broadband.

Google just decided to keep its workers remote until July 2021, Microsoft continues to recommend that employees do so, and Twitter has made optional work-from-home permanent.

John Vazquez, head of real estate at Verizon Communications, said that whether schools reopen in the fall will be a litmus test for many of its employees.

Were schools to reopen for two or three days a week, as New York City is planning, “that’s not enough for working parents,” Vazquez said, suggesting that anything less than a full reopening would keep many of its employees home for longer. [WSJ] — Orion Jones


Related Articles

arrow_forward_ios
“The New Kings of New York” rockets to top of Amazon charts
“The New Kings of New York” rockets to top of Amazon charts
“The New Kings of New York” rockets to top of Amazon charts
Gopuff co-CEO Rafael Ilishayev (Gopuff, iStock)
Gopuff scaling back warehouse footprint amid rapid-delivery slowdown
Gopuff scaling back warehouse footprint amid rapid-delivery slowdown
Incoming WeWork CFO Andre Fernandez (WeWork, iStock)
WeWork names new CFO
WeWork names new CFO
Brian R. Steinwurtzel and 100 Pearl Street (GFP Real Estate, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Squash club starting a racket at 100 Pearl Street office tower
Squash club starting a racket at 100 Pearl Street office tower
Upflex co-founders Christophe Garnier and Ginger Dhaliwal (Upflex, LinkedIn/Ginger Dhaliwal, iStock)
Upflex raises $30M, signaling rise of flex-office aggregators
Upflex raises $30M, signaling rise of flex-office aggregators
Vorea Principal's Peter Papamichael with 10-04 Borden Ave (Vorea Group, iStock)
Skydiver lands first NYC location in Long Island City
Skydiver lands first NYC location in Long Island City
Two Trees Management's Jed Walentas and 50 West 23rd Street (Walentas/via Marc Skrivo, Google Maps, iStock)
Trustpilot takes 34k sf at Two Trees’ Midtown South building
Trustpilot takes 34k sf at Two Trees’ Midtown South building
Bruce Brickman and 35-11 9th Street (Young Jewish Professionals, Google Maps)
Astoria cigar factory converted to offices highlighted NYC i-sales last week
Astoria cigar factory converted to offices highlighted NYC i-sales last week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...