With fewer people commuting into cities, they stand to lose their luster and reputation, as being the local epicenters of commerce, finance, media, entertainment, tourism and a vibrant social scene.
For example, New York City businesses are losing customers and revenue with people working remotely. The workers coming into Manhattan are spendingfrom Stanford University economist Nicholas Bloom’s WFH Research team. When business is down, tax revenue also declines. As a result, the city will have to cut back on municipal services. This means less hiring and accelerated job cuts to police officers, firefighters, sanitation workers, mass transit personnel, nurses and teachers.
Companies that rented space: Lease is up let's get this off the budjet. Companies that own space: Let's retrofit this stranded asset or unload it. Companies that own space to rent it out: the sky is falling!
It's trickle down 𝘯𝘦𝘨𝘢𝘵𝘪𝘷𝘦 economics! Businesses that are willing to lure folks into working at home will have a big advantage over those forcing folks to work in the office. I don't think the new manufacturing push in America will be able to fill the gap fast enough.
Just delete your twitter 🗑️
Remote Work proving Big Business over paid for brick and mortar and over estimated the importance of middle managers and corporate landlords. Thats how the market works. Efficiency is rewarded. Not Excess.