Investors do not love New York.
The pandemic hit New York harder than almost any other major city in the world, and while Gotham has gotten the virus under control, its economy has been ravaged. The slow relaxation of formerly strict lockdown rules on businesses like restaurants hasn’t helped; nor has the reluctance of big employers to bring workers back to the office.
Less than 10% of Manhattan’s 1.2 million office workers are estimated to have returned, and formerly ambitious plans by big employers like JPMorgan Chase (ticker: JPM) to bring back more workers after Labor Day have been scaled back. It may take until next year—and a successful vaccine—to get back even above 50%.
“The work-from-home genie is out of the bottle,” says Jonathan Litt, chief investment officer at Land and Buildings, a Greenwich, Conn., investment firm focused on real estate.
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