60% Of NYC Office Space Abandoned, NYC’s Abandoned Skyskrapers Leave City With Billions In Losses

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60% Of NYC Office Space Abandoned, NYC’s Abandoned Skyskrapers Leave City With Billions In Losses
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a study from the National Bureau of Economic Research that outlines NYC office buildings may experience a massive wipeout in valuation, upwards of $453 billion.

NBER said the value of office buildings plunged 45% in 2020 and is forecasted to remain around 39% below pre-Covid levels due to remote working, companies shrinking corporate workspaces, and some firms gravitating to newer buildings.

Even though Goldman Sachs, Morgan Stanley, and other Wall Street firms have pushed for a return to the office after the Labor Day holiday, NYC’s office-occupancy trends are still below half, according to card-swipe data provided by Kastle Systems.

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