State Street Changes Real Estate Strategy in New York to Accommodate a Hybrid Workforce

While some firms and banks in the finance industry have ordered workers back to the office, others have been slower to return to New York’s towers, questioning “whether New York City’s costs, taxes and uncertain recovery from the pandemic make it worthwhile to maintain the same Manhattan office presence as before.” Financial giant State Street is among the latter group of companies, announcing plans to close two offices near Rockefeller Center, impacting more than 500 employees. Instead some co-working space will be secured in Manhattan along with the option to work in other offices in New Jersey and Connecticut, “letting different groups across State Street determine the mix of in-person and remote work that suits them.”