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Only reason they're making people come into the office is because that lease is prolly nowhere near expiring and majority of bosses see an empty office as a waste of money. Trust me they'll start re-evaluating when there's 2 years left on it.
Our office is a glorified server room in the heart of expensive midtown at this point.
I have no doubt the owner is looking at other options once the lease expires.
Fine by me.
Though, I am sure clients will miss their free lunches of Shrimp and Cobb Salads.
I don't believe WFH is viable long-term. If it's accepted as the new norm, I guarantee you employers will start looking to cut your salaries, potential promotions, and benefits. There is literally no reason to pay someone more if they can find talent anywhere. Competition for the same job will increase and employers will pay less because they'll argue that maybe you don't live in a HCOL city anymore.
There's also a huge amount of productivity decreases that I think will systematically spread if WFH continues to be the norm. I have no doubt in my mind that companies are less productive when everyone's at home. See: people posting on this forum during working hours (myself included). Communicating is thousands times more difficult when virtual, there are no bonds built within teams, and working hours are much longer due to a lack of a clear barrier between at-home and working times.
Not to mention, being at home restricts you from things you may gather from being in the office that will benefit you. For instance, you're able to get cues in the office about how the company is doing, whether your manager's manager thinks you're doing a good job, and how other teams are evolving each month. These are ALL things you can leverage for your own career, but due to being virtual, it's impossible to gather these little nuggets of valuable interactions.
Now, I do think WFH has a place in the workforce, that is a limited number of days every month, week, whatever it is. I also acknowledge many people with kids may want to spend more time at home. But to do it 24/7/365? That would be foolish.
I'm not disagreeing with you but from my experience. Productivity isn't happening either with people working in offices. 30% of the times people are not at their desks. Another 20% of the time wasted on coffee breaks and snack runs. Commute to work taxes just about everybody's energy daily. In today's world, bulk of the heavy lifting work in corporate America is outsourced anyways. Workers are just paper pushers. The reason companies still are in business because majority of the work has been automated and outsourced. Workers are just being paid for participation.
I’m glad prices have come down. It was crazy stupid high. It’s always fun to see land lords get screwed a bit, even if temporarily.
When it comes to NYC, it will come back stronger than ever. Humans naturally thrive when clustered together. Humans are social creatures. It’s human nature to want to live within clusters of other humans. CEOs have recently come out saying their employees want to come back to their office. I’m sure it will be more of a mix of work from home, go into the office, thank god.
Right now is a good time to buy. Mortgage rates are low and prices are down. Five years from now prices will be back to where they were.
Doom and gloom comes to great cities every 20 years or so, yet they always come back.
I'm not disagreeing with you but from my experience. Productivity isn't happening either with people working in offices. 30% of the times people are not at their desks. Another 20% of the time wasted on coffee breaks and snack runs. Commute to work taxes just about everybody's energy daily. In today's world, bulk of the heavy lifting work in corporate America is outsourced anyways. Workers are just paper pushers. The reason companies still are in business because majority of the work has been automated and outsourced. Workers are just being paid for participation.
Bro, if you think workers are being paid for participation and it's just the way it is then you're one of those workers. Yes, there are plenty of workers paid for participation (especially public sector government employees) but there are actually employees who drive the profits at companies. People's paychecks don't just come out of thin air (unless youre a government workers).
Low productivity employees are even less productive at home. Whereas before 80% of the work was done by 20% of the people. Now it's 90% of the work being done by the same 20%.
If WFH is here to stay then companies will adapt. They'll start to get rid of the low productivity employees because they're now even more useless than before. Top tier companies will hire away the best talent and slowly middle tier and lower tier companies will be stuck with useless workers and go out of business.
WFH is great if you're a performer or a too tier company. If you're not, watch out.
I’m glad prices have come down. It was crazy stupid high. It’s always fun to see land lords get screwed a bit, even if temporarily.
When it comes to NYC, it will come back stronger than ever. Humans naturally thrive when clustered together. Humans are social creatures. It’s human nature to want to live within clusters of other humans. CEOs have recently come out saying their employees want to come back to their office. I’m sure it will be more of a mix of work from home, go into the office, thank god.
Right now is a good time to buy. Mortgage rates are low and prices are down. Five years from now prices will be back to where they were.
Doom and gloom comes to great cities every 20 years or so, yet they always come back.
Lock something in now. Just my 2 cents.
I agree but I think it'll take longer than 5 years. It'l be 5 years if a competent mayor is elected next year. I'm afraid they this city is full of people getting handouts, useless government employees who are benefiting from the system, and people who buy I to race politics to elect a competent city manager.
This will take a decade plus to unwind. My wife and I are in the market for an apartment but we're not in a rush. I don't think the RE market in NYC has felt max pain yet. It might start this summer when things are almost back to normal yet the city is still nowhere near ore COVID levels. Then many will realize were in it for the long haul.
I’m glad prices have come down. It was crazy stupid high. It’s always fun to see land lords get screwed a bit, even if temporarily.
When it comes to NYC, it will come back stronger than ever. Humans naturally thrive when clustered together. Humans are social creatures. It’s human nature to want to live within clusters of other humans. CEOs have recently come out saying their employees want to come back to their office. I’m sure it will be more of a mix of work from home, go into the office, thank god.
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Agreed on all counts here!
Landlords were making a killing! So it cracks me up when they whine about tenants not paying. Landlords have feasted for a decade or more in most neighborhoods, setting the approval process to be very challenging while charging astronomical rents that were not worth the price, honestly.
Bushwick apartments before the pandemic, were going for $3200 2 bedrooms, and $2400 1 bedrooms LOL...just unbelievable and crazy unaffordable--and landlords tryna get Upper West Side prices for drug-infested-crime ridden Bushwick haha, although I do love the progress I've seen in Bushwick over the years.
And yep, NYC will be back very strong in a few short years.
Folks love to predict the demise in general, of New York. They always have.
I’m glad prices have come down. It was crazy stupid high. It’s always fun to see land lords get screwed a bit, even if temporarily.
When it comes to NYC, it will come back stronger than ever. Humans naturally thrive when clustered together. Humans are social creatures. It’s human nature to want to live within clusters of other humans. CEOs have recently come out saying their employees want to come back to their office. I’m sure it will be more of a mix of work from home, go into the office, thank god.
Right now is a good time to buy. Mortgage rates are low and prices are down. Five years from now prices will be back to where they were.
Doom and gloom comes to great cities every 20 years or so, yet they always come back.
Lock something in now. Just my 2 cents.
You can cluster yourself all you want. I’ll be alone in the forest with my family free of the stupid and smart.
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