Covid-19 changed patterns of work and travel in New York City. The result of which is New York’s economic recovery lags the rest of the country. In New York, only half of the jobs lost due to the pandemic were restored. This is in part to New York’s dependence on office workers and tourism.
One bright light, no pun intended, is the reopening of Broadway in September.
The Partnership for New York City, a business advocacy group, predicts only 62% of workers will return on a limited, 3 days per week basis. Businesses that cater to office workers are endangered, especially those that borrowed to survive.
There are mixed signals, like any recovery. Violent crime in the city is rising. Tourism is slowly inching back. The rental market is picking back up, along with hotel and restaurant occupancy. New York’s recovery won’t happen overnight, but we will get there.
Contact GE Grace for insight into your real estate endeavors. Now is a great time to invest, while New York is in the recovery process. Call us at 646 312 6800 or email Grace@GEGrace.com.