New York’s Tech Woes Deepen.
“Facing many business challenges, large technology companies have laid off more than 386,000 workers nationwide since early 2022, according to layoffs.fyi, which tracks the tech industry. And they have pulled out of millions of square feet of office space because of those job cuts and the shift to working from home.
That retrenchment has hurt lots of tech hubs, and San Francisco has been hit the hardest with an office vacancy rate of 25.6 percent, according to Newmark Research.”
The post pandemic life in America and the rest of the World is still sorting itself out. Where the chips fall is still anyones guess considering that just before the pandemic it would have been impossible to predict the current malaise of coastal tech hubs. But the advances big tech made in the last 30 years enabled more people to work wherever they want and to be free of the desk jobs that powered urban centers from coast to coast. The desire to live in these cities has not diminished but need to get up and be in the office by 8 am in the gleaming office towers has dissipated. There will be winners and losers in the new chess game and we won’t have that figured out for another decade.
