Manhattan Bounces Back: Office Attendance Surpasses National Average As Remote Work Debate Continues
Portfolio Pulse from AJ Fabino
Manhattan's office attendance is rebounding, with visits to office buildings rising above the national average. Goldman Sachs Group Inc (GS) and Citigroup Inc (C) have seen significant increases in office visits due to strict return-to-office policies. The trend towards hybrid work is evident, with more employees coming in midweek. Recovery rates vary by neighborhood, influenced by factors like industry and commuting distances. Subway usage is recovering, indicating a return to pre-pandemic commuting patterns. This resurgence has implications for various stakeholders, including local businesses and real estate.
January 03, 2024 | 5:34 pm
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Citigroup Inc (C) saw a 24.3% rise in office visits due to stricter in-office policy enforcement, aligning with the overall uptick in Manhattan's office recovery.
Citigroup's significant rise in office visits suggests that its stricter policies are effectively bringing employees back to the office. This could potentially enhance operational efficiency and investor confidence in the company's management.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Goldman Sachs Group Inc (GS) experienced a 16.5% increase in employee office visits from June 2022 to June 2023, reflecting the company's strict return-to-office stance.
The increase in office visits at Goldman Sachs is a direct result of the company's policy, which could lead to improved collaboration and productivity in the short term. This may be viewed positively by investors who favor traditional office settings.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80