Offices in New York face losing $453 billion in value due, in part, to the rise of remote work, a new study from the National Bureau of Economic Research (NBER) has found.
According to the study, which was conducted by researchers at New York University and Columbia University, the value of offices in New York City declined by around 45 percent in 2020 after the COVID-19 pandemic led to “drastic changes in where people work.”
In the long term, the values of the properties are set to decline 39 percent below pre-pandemic levels due to the rise of remote work, according to the study, representing a $453 billion value destruction….