Pandemic ‘feedback loop’ highlighted
Secular changes affecting the recovery of in-person office occupancy in New York City is consequential not only for property-level cashflow, but may also have ripple effects on other sectors, Fitch suggests. The city is the largest US office market and the rating agency says it provides a good case study of the potential feedback loop of pandemic pressures on office demand, which has ramifications for mass transit, outmigration and the city’s budget.
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