Bloomberg: The transition of employees to remote work costs Manhattan $ 12.4 billion a year
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The spread of remote work during the pandemic and the hybrid mode in which employees work partly from the office, partly from home, are having a significant economic impact on business districts. As writes Bloomberg with reference to the calculations of the WFH Research group from Stanford University, the New York district of Manhattan, where the financial center of New York, the largest banks, the headquarters of many companies and so on, is losing up to $ 12.4 billion a year because of this .
WFH Research analysts used previously published statistics, according to which the losses due to the transition to the remote mode are $4.7 thousand per person, and multiplied by 2.7 million people working in Manhattan in 2019. This takes into account the amounts lost by cafes, shops and so on due to the new schedule of many employees. Experts note that now we are often talking not about completely remote work, but about a hybrid schedule – employees of many New York companies work on Mondays and Fridays from home, and on the other three working days – from the office.
These estimates are supported by other data. So, according to the research division of Mastercard SpendingPulse, which tracks sales on Mastercard cards, in October last year, spending by Americans on Fridays increased by 23% compared to the same period in 2019, and in the case of Manhattan, such an increase was only 11%. The differences are also visible when compared with other areas of New York: according to the calculations of the fintech company Square, spending on bars and restaurants in Brooklyn in the fourth quarter of 2022 increased by 48% compared to 2019, and in Manhattan – only by 18% .
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