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New York Office Buildings Are Still Half Empty

Published Mon Nov 28 2022

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Employers are ready to get back to “business as usual,” but employees are hesitant to return to traditional office spaces, preferring instead the flexibility and productivity of remote or hybrid work. And in the business capital of the world, New York City, that tension is playing out. According to recent data from the building-security company Kastle Systems, office occupancy has plateaued at just 47 percent. So, is the return-to-work movement half dead? What is driving this? For one, many tech industry giants are pulling back their office commitments in the city. Facebook put plans to lease new office space on pause, and Yelp went fully remote, closing its New York offices for good. However, others still hope that a return to the office is feasible. Pfizer’s CEO said they would push for workers to return to their offices in the new year; however, similar start dates and demands have fizzled out.

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