The shift to remote work in Manhattan has resulted in office workers spending about $12 billion less annually compared to pre-pandemic levels.
With workers spending around 30% less time in the office, their yearly spending on food, entertainment, and similar expenses near the office has decreased by nearly $4,700 per person.
While this trend is evident in other major cities, the per-person cost reduction is over 50% worse in NYC than in any other city, Bloomberg discovered.
The study aligns with other data sets indicating that nearly three years after New York City’s first COVID case, people have not returned to full-time in-office work.
The Partnership for New York City surveyed 140 major employers in January and found that only 52% of Manhattan office workers are present in the office on any given weekday, and less than 10% have returned full-time.
Encouraging people to return to the office is a key part of Mayor Eric Adams’ economic recovery strategy for the city. However, progress has been minimal during his first year in office. The city is now shifting some focus to converting empty office spaces into housing.
