In local political circles, it’s now fashionable to scoff at doomsday predictions and say that just as New York City came back in the 70s, came back in the 90s, and came back after 9/11, it will now too. It’s fashionable to say that even if some traditional office-based industries cut back significantly, the cheaper rents will lead to an artistic and technological renaissance that will spark new industries, trends and energy that will make the city better than ever.
Unfortunately, that’s probably more wishful thinking than anything else.
What we’re facing now is different: the beginning of a far more transformational shift in how we work, in many ways echoing the flight of manufacturing from the United States in the mid-late 20th century. Until now, there was a basic assumption that most white-collar employees would work in an office. Only something like a six-month quarantine could have challenged a norm so ingrained in our society.
But just like the combination of expanded capabilities and lower prices sent manufacturing abroad, the combination of decent enough technology to enable people to work remotely and the realization that most businesses are not seeing their productivity plummet is causing a fundamental change in how business owners think.