Potential Office Market Ramifications Loom As City Halls Softens Stance on Remote Work

Leading the charge last summer in an effort to “lead by example” to fuel the return of the onsite 5-day work week, Mayor Adam’s chief of staff called municipal employees back to the office across sectors.  As part of ongoing negotiations with the DC 37 union — the city’s largest union of municipal workers, officials have agreed to consider a hybrid work scenario. The rigid work arrangements have not helped the “worsening turnover across city agencies, where vacancies in December were four times that of pre-pandemic figures.” Despite continued efforts by some companies, much of the business world in New York City has accepted that “post-pandemic office work is never going to be the same,” “many are accepting permanent hybrid and remote working environments.” However, if the city’s stance on remote work changes, it “could have big ramifications for office landlords.”

Source:    https://preview.therealdeal.com/new-york/2023/02/03/nyc-to-weigh-hybrid-work-for-city-employees/