Avison Young: Vaccine Availability Will Shape Future of NYC Office
The future of New York City’s real estate market will depend heavily on the widespread availability of an effective COVID-19 vaccine along with much-needed government stimulus for the local economy, according to Avison Young’s New York 2021 Forecast Report.
By mid-November, only 17.3% of New York City’s employees had returned to the office, compared to 14.3% in San Francisco, the lowest occupancy level nationwide, and 42.2% in Dallas, the report showed.
“The office will continue to play a vital role in all aspects of business and the workplace experience must be able to support interaction and collaboration at a variety of scales for both the in-office and remote worker,” said Marisha Clinton, senior director of research, Tri-State. “In the future, great emphasis will be placed on creating an ‘X Factor’ workplace, one that attracts employees into the office, creating an engaging experience that provides connectivity and flexibility, while driving innovation.”
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