What a $1 deal says about America's office market
7 hours ago
New York City deli owner Jimmy Yavrodi looks grimly out of the shop that he opened 27 years ago in one of the city's prime business districts.
"Everything is empty," he says. "I don't understand it."
[...]
Four years after the pandemic sparked a revolution in work-from-home practices, especially pronounced in the US, the shift is proving hard to reverse - and the consequences no longer possible to ignore.
About 20% of office space around the US was unleased at the end of last year - the highest vacancy rate in more than 40 years, according to Moody's Analytics.
With that number forecast to rise over the next 12 to 18 months, the fall in demand is changing city neighbourhoods and hitting property values, which have already plunged an estimated 25% on average across the country.
https://www.bbc.co.uk/news/business-68472143
