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Manhattan Is Losing $12 Billion a Year Because of Hybrid Work

Workers arrive during the morning at the lobby of the One Five One office building in New York, US, on Wednesday, Feb. 1, 2023. Nowhere is the economic cost of remote work more pronounced when it comes to spending than in the world’s leading financial center: New York.
Workers arrive during the morning at the lobby of the One Five One office building in New York, US, on Wednesday, Feb. 1, 2023. Nowhere is the economic cost of remote work more pronounced when it comes to spending than in the world’s leading financial center: New York.Photographer: Ismail Ferdous/Bloomberg
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Hi, it’s Emma in New York. Hybrid work spiked during the pandemic. That trend, and its economic effects, are here to stay. Before we get to that...

It’s Tuesday, so there’s a good chance you’re reading this at the office, and not from a laptop atop your kitchen table. I know that not because I’m psychic, but because for the last couple of months my colleagues and I have been diving deep into the data on hybrid work and how it’s changing where people spend their time and money.