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Old Today, 01:14 PM
 
Location: Staten Island
934 posts, read 282,203 times
Reputation: 1293

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From the article:


Quote:
The bank, for years New York’s largest commercial tenant and private-sector employer, will move to more open-seating arrangements and only 60 chairs may be needed for every 100 employees
Basically a 40% reduction in space. WFH has won. Now other large banks will follow JPM's lead and dump office space, at least until all mjor banks move everything to Florida.


Crains NY article (pdf) - http://u.pc.cd/2N3ctalK
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Old Today, 02:03 PM
 
Location: On the road
1,186 posts, read 579,554 times
Reputation: 3325
Good for them. The gotta-see-you-in-person-everyday mentality is antiquated for jobs that only require sitting in front of a computer.
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Old Today, 02:11 PM
 
Location: Staten Island, NY
12,308 posts, read 9,028,377 times
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Good luck Manhattan. The hens are coming home to roost.
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Old Today, 02:17 PM
 
Location: New York, NY
10,109 posts, read 5,029,314 times
Reputation: 4647
Quote:
Originally Posted by dfc99 View Post
From the article:



Basically a 40% reduction in space. WFH has won. Now other large banks will follow JPM's lead and dump office space, at least until all mjor banks move everything to Florida.


Crains NY article (pdf) - http://u.pc.cd/2N3ctalK
Yup, and still tons of food places closing up, especially in Midtown. I work near JP Morgan and have been to the Park Avenue location several times for networking events. Nice events... Wine, hors d'oeuvres, etc. All of this doesn't seem to be stopping them from building their new towers.
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Old Today, 02:23 PM
 
Location: NYC
3,905 posts, read 3,592,309 times
Reputation: 6220
Quote:
Originally Posted by dfc99 View Post
From the article:



Basically a 40% reduction in space. WFH has won. Now other large banks will follow JPM's lead and dump office space, at least until all mjor banks move everything to Florida.


Crains NY article (pdf) - http://u.pc.cd/2N3ctalK
Funny you think everything will move to Florida. I guess Google didn't get the memo and is going to expand their footprint in NYC.
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Old Today, 02:32 PM
 
25,218 posts, read 17,840,979 times
Reputation: 18377
Quote:
Originally Posted by Airborneguy View Post
Good luck Manhattan. The hens are coming home to roost.
Yes and no...

For tax purposes it really doesn't matter if you WFH. Far as NYS is concerned if your employer is based in state then you're subject to NYS (and by extension for this thread) NYC income taxes.

As for rest of it, yes decline in commercial space rented will cause issues if things go too deep.
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Old Today, 02:33 PM
 
Location: In the heights
29,223 posts, read 28,256,355 times
Reputation: 15657
Maybe the default will be less cramped office spaces and a conversion of some office spaces to other uses. Even prior to the pandemic there was quite a bit of residential popping up in the financial district which made it slightly less dead outside of office hours.


Maybe not though as tech is still growing while the major financial institutions are seeing bits gobbled up by startups as well as a general move towards people moving their money into unmanaged funds. Who knows if the tech companies will be enough of an offset, but they are making some pretty massive real estate deals in the city. I'd hope not though as it'd be nice if a more diversified number of industries and sectors could exist in Manhattan without as much crushing rent burdens.

Last edited by OyCrumbler; Today at 02:42 PM..
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Old Today, 02:43 PM
 
Location: Staten Island, NY
12,308 posts, read 9,028,377 times
Reputation: 12642
Even though we shortened her commute by moving to NJ, I am really hoping my wife's company stays WFH. So far, no end in sight. There's zero reason for her to be in the office. Bosses never bothered them when they were and all of her work is on a computer anyway with no physical aspect at all.
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Old Today, 02:53 PM
 
Location: New York, NY
10,109 posts, read 5,029,314 times
Reputation: 4647
Quote:
Originally Posted by Adhom View Post
Funny you think everything will move to Florida. I guess Google didn't get the memo and is going to expand their footprint in NYC.
Google is one company out of how many? Please.... Yes, some tech companies are expanding here, but there is still plenty of commercial space available. Then you have all of the empty storefronts that continue as well. Plenty of glut on the market.
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Old Today, 02:59 PM
 
1,019 posts, read 413,809 times
Reputation: 1464
Quote:
Originally Posted by pierrepont7731 View Post
Google is one company out of how many? Please.... Yes, some tech companies are expanding here, but there is still plenty of commercial space available. Then you have all of the empty storefronts that continue as well. Plenty of glut on the market.

You're missing the point. Google, JP Morgan and others will always be fine. The bigger issue at hand is the destruction of small businesses by the govt. Who in their right mind would ever bother opening up a "non-essential" business in a non business friendly area such as our town again? Who would want to become a small time landlord?
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