According to a recent article in Fast Company, office space takes up between 70-80% of all real estate in many downtowns. With so many of us continuing to work remote, that space is going unused...and, in many cases, unleased.
In San Francisco, it is estimated that only 40% of the pre-plague workforce has returned to the office. And, as the average worker in that city spent $168 per week near their workplaces...that pencils out to $1.2 billion in lost revenues per year to the surrounding restaurants, bars, coffeeshops, retain outlets and services businesses.
Is it any wonder so many of those businesses (even those who could find workers) are now shuttered? Which then sets about a vicious cycle of why would anyone would want to return to the office if there's nothing to do in the blocks surrounding one's building.
Cities that intend to survive are going to hafta get real creative...sooner than later...before it's too late.
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