New York Offices to See $453 Billion in Value Wiped Out Due to Remote Work

Midtown Manhattan buildings in New York City, on Mar. 4, 2021. Spencer Platt/Getty Images

Offices in New York face losing $453 billion in value due, in part, to the rise of remote work, a new study from the National Bureau of Economic Research (NBER) has found.

According to the study, which was conducted by researchers at New York University and Columbia University, the value of offices in New York City declined by around 45 percent in 2020 after the COVID-19 pandemic led to “drastic changes in where people work.”