NYC's downtown recovery post-COVID ranked among worst in US: study
Cushman & Wakefield Chairman of Global Brokerage Bruce Mosler provides his real estate outlook and addresses New York Citys office vacancy problem on The Claman Countdown.
The hustle and bustle of New York City's business districts is still down by a third of what they were pre-pandemic, placing the Big Apple's downtown recovery post-COVID among the worst in America's largest cities, according to a new study.
An analysis conducted by the University of Toronto found foot traffic in New York City's Midtown and Lower Manhattan districts is only 66% of what it was in 2019, placing the city's recovery rate near the bottom of the rankings and in line with other cities that have struggled to bring back workers to their downtown areas.
Pedestrians cross a street past traffic in the Midtown neighborhood of New York, on Saturday, June 17, 2023. (Michael Nagle/Bloomberg via Getty Images / Getty Images)
New York City's 33% drop in foot traffic landed the city's recovery rate at 54th out of the 66 cities studied. For comparison, San Francisco, California – with a downtown area that has had a notoriously difficult time recovering post-COVID – ranked higher, with a 67% recovery of foot traffic.
UBER, LYFT TO PAY $328M IN SETTLEMENT WITH NEW YORK AG LETITIA JAMES OVER WAGE THEFT ALLEGATIONS
«We've been tracking since early 2022, and New York was an early comeback story – but then stalled,» Karen Chapple, director of the University of Toronto's School of Cities, told The New York Post, which first reported the analysis. «Part of this is due to commercial office tenants gradually giving up their leases,» Chapple said.
People walk on the sidewalk on Fifth Avenue on September 16, 2023 in New York City, United States. (Thomas
Read more on foxbusiness.com
