Remote Work Costs NYC $12 Billion a Year By Killing Big Offices

Bloomberg (02/12/2023)
  • The ongoing widespread adoption of three-day in-office workweeks will cost NYC’s restaurants, retailers and transportation services $12.4 billion in lost revenue this year.
  • Despite the gradual return to offices, badge trackers show that office attendance is still 30% below pre-pandemic and 45-50% lower on Mondays and Fridays.
  • “That means that the average worker is spending $4,661 less per year on meals, shopping and entertainment”.
  • NYC mayor Eric Adams is pushing business leaders to mandate more in-office days, claiming service workers are at risk.