NYC Offices to See $50 Billion in Value Wiped Out, Study Says

Bloomberg, Oct. 3, 2022–Lizzie Kane
New York office buildings are facing a potential $50 billion wipeout of value thanks in part to remote work. The values of those properties declined nearly 45% in 2020 and are forecast to remain roughly 39% below pre-pandemic levels due to the persistence of flexible work policies that gained traction during the crisis, according to a new study from the National Bureau of Economic Research.