JPMorgan Chase & Co. - Aliff Capital

The New Normal: The Shifting Landscape of Remote Work and Its Impact on Cities

Jan 25, 2023Juliya RostovaEconomy, Public economics, Real EstateAmerica's biggest office real estate market, bar, bars, Bloomberg News, Bronx, Brooklyn, business district, business leaders, Chicago, Chief executives, city officials, commercial property tax base, commuters, commuting base, Comptroller Brad Lander, conservative think tank, cubicles, data analysis, David Solomon, disparities, economic cost, economic engine, entertainment, existential, finances, financial center, financial district, foot traffic, Fortune 500 companies, Fridays, Goldman Sachs Group Inc., Greater New York area, growth, happy hour, Hoover Institution, HQ Corporate Mobility, hybrid workers, in-person workweek, Indeed, inflation, inflation-adjusted loss, Jamie Dimon, jobs, JPMorgan Chase & Co., labor income, leading financial center, London, Manhattan, Mastercard data, Mastercard SpendingPulse, Mayor's office, meals, Midtown, Mondays, neighborhoods, New York City, Nicholas Bloom, October 2022, office vacancies, office workers, Orbital Insight, Outer-boroughs, pandemic, pandemic restrictions, panel, payment, pre-pandemic levels, Queens, remote work, residents, restaurants, retail sales, retail spending, retailers, rides, salad lines, sales, San Francisco, schools, shopping, spending, Square, Stanford University, Steven Davis, subway cars, subways, Sweetgreen, tax revenue, Thursdays, Tokyo, trading desks, transactions, transit revenue, transit system, Tuesdays, US Census Bureau, US spending, Wednesdays, WFH Research group, white-collar workforces

New York City has long been known as one of the world’s leading financial centers, with office workers filling the city’s subway cars on a daily basis to get to work. But the pandemic has changed everything. With the shift towards remote work and the decrease in spending, the city’s economy has taken a significant…

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The New Normal: The Shifting Landscape of Remote Work and Its Impact on Cities