According to a survey, only 28% are currently back in Manhattan and less than half of Manhattan’s office workers will be returning by January.

A survey by Partnership for New York City of 188 major employers in Manhattan found that 49% expected office workers would return to work on a typical weekday. This is a significant increase from 28% at the moment, but the survey shows that remote work will continue long after January. It also suggests that New York’s demand for office space will decrease.

The survey found that more than three quarters of respondents expect Manhattan’s office space requirements to decline in the coming five years. 13% also expect a decrease in the number of New York City workers.

Kathryn Wylde (president and CEO of Partnership for New York City), a city-leading business organization, stated, “Post-pandemics, remote work is here for the taking.” “There’s going to be an ongoing relook on keeping jobs and offices in New York City.

New York City’s office vacancy rate is at an all-time high of 18.6%, which was recorded 30 years ago. According to Thomas DiNapoli, New York State Comptroller, the value of New York’s commercial real property has dropped by $28.6billion, or 16.6%. This decrease in revenue could result in property taxes revenues dropping by as much as $1.7billion this fiscal year. New York City is dependent on property taxes for its largest income source. Commercial property has the highest property tax revenue, which could mean that the budget of the city will be affected by continued weakness in this sector.

While developers and commercial landlords claim there is good leasing activity and that workers will be returning to work soon, many employers believe the cost of living, high taxes and long commutes could slow down any economic recovery.

According to the survey, 13% Manhattan office workers will be working five days per week by January. One third of Manhattan office workers will work three days per semaine, while 15% and 15% respectively will work two days each week. 7%, 7%, and 21%, will remain remote.

Real estate (80%), followed by financial services (47%) and law firms (61%) will have the most expected daily attendance. Accounting (36%), tech (24%), and consulting (30%) will have the lowest attendance.

Wylde stated that, in addition to the loss of workers, New York is facing a problem with wealthy business partners and high-earning individuals leaving New York City for tax purposes. They are also taking with them their workforce and companies.

Wylde stated that the danger was that high-earners leave and take their operations with them. We hear about operations in asset management as well as other areas. These are not individual high-earners but real business operations. They move to Texas, Tennessee and Florida.

Wylde stated that 22% of New York City’s financial companies plan to cut their workforce over the next five year — a worrying number considering financial-services is the economic backbone for New York City.

She spoke out about “What will happen in the next five to ten years regarding our economic dependence and tax dependence on an extremely mobile population?”