‘Do I really need this much office space?’ Pandemic emptied buildings, but how long?

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Empty offices sit above empty retail stores on Broadway in downtown Manhattan.

As commercial real estate continues to lie vacant around the U.S., it may contribute to a vicious economic cycle that reshapes our cities.

Adam Johnson enjoys going into the office. It helps that he works in one of the nicest buildings in Midtown Manhattan: a 35-story art deco high-rise at the corner of 58th Street and Fifth Avenue, overlooking Central Park and the Plaza Hotel.

Johnson’s a stock picker — he writes an investment newsletter called Bullseye Brief — and, ostensibly, he shares the sixth floor with a real estate showroom and an assortment of hedge funds. They all left months ago.

“I am the only person who’s been coming in here since April 1st,” he says.

Continue reading… “‘Do I really need this much office space?’ Pandemic emptied buildings, but how long?”

The office, as you know it, is dead

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 Plexiglass, masks, warning signs: Is this the office of the future?

 New York (CNN Business)Bustling skyscrapers and office parks packed with workers could be a relic of the pre-pandemic world.

The health crisis has forced millions of Americans to abandon their offices in favor of working from home, for better or worse. Now there are signs this may not be a short-term phenomenon, but more of a permanent shift in favor of remote work even after a Covid-19 vaccine is in place.

More than two-thirds (68%) of large company CEOs plan to downsize their office space, according to a survey released Tuesday by KPMG.

Continue reading… “The office, as you know it, is dead”