Just like every country in the world, the great United States has been greatly affected by the deadly pandemic. Coronavirus has forced people to isolate themselves in their homes and limited their reach to the outer world. Institutes, offices, industries, and all other kinds of activities all over the world have been shut down, and respective governments have advised people to attend to their matters while at home.
COVID-19 has affected the business sector quite badly. Employees are working from home, which is not an ideal condition, one can think of, to be productive at work. The same is the case with offices in Manhattan.
The city is known for its huge business, but since the outbreak or coronavirus, Manhattan offices are empty. This is not an eye-pleasing sight to see empty offices in the busiest city of New York, USA.
Employee Reluctance to Rejoin Offices
However, according to several sources, employees are returning to work as the lockdown is easing. But it is not like the way it was. People are not willing to leave their houses until the pandemic is completely over. Indeed it took a lot of time for people to settle with their work-from-home routines and that New York City has faced a hard time recovering from the coronavirus than any other cities of the USA.
Wall Street bankers have resumed their office duties. Also, real estate firms have been encouraging their employees to return to their office jobs. However, according to some reports, most publishing and media workers, tech industry workers, and lawyers are not ready to come back yet.
Till September, about 10 percent of the Manhattan office employees came back to their offices according to a commercial real estate services firm (Ref: https://www.wsj.com/market-data/quotes/CBRE).
This is good news as compared to the 6 to 8 percent that resumes offices in July 2020. This data was recorded one month later when the government allowed workers to rejoin their offices after they were closed down in March. After being affected for months, the business district in Midtown Manhattan is slowly opening its door to welcome their workers back.
Nationwide, about 25 percent of employees on average have resumed their official duties as reported by to real estate services firm. However, according to CBRE, the rate of reoccupation in the suburbs of New York is about 32 percent (Ref: https://www.wsj.com/market-data/quotes/CBRE).
Residents and Businesses Are Abandoning Manhattan – Why?
People are moving out of Manhattan in great numbers. Employees who were not happy with work from home policies were forced to do so because of coronavirus. And now that they know it is easier to take a conference call while sitting on a comfortable couch at their homes, they are unwilling to live in a city where they have to pay high rents. Of course, in luxurious big cities, nothing comes easy and at a low price. People in major cities are tempted to pack their bags and move out to someplace affordable.
As far as offices are concerned, most of them are moving out of the city because of its high-end rental market. As the COVID-19 has affected business operations and kept them from making fair profits in the first half of 2020, many businesses are unwilling to pay expensive leases with landowners for having an office space. Commercial movers are making it much easier for offices to move out of the city in these times of crisis. While Manhattan was once considered a business hub, what we see today is truly heartbreaking. Offices are moving out of the city post-COVID and they have absolutely every reason to do so.