Remote work hasn’t disappeared like latte foam, and it’s continuing to transform urban economies in ways we haven’t fully grappled with yet.

[Mic Drop]

WFH has wiped out a third of all office real estate value in NYC, about $58 billion worth, according to a working paper from the Social Science Research Network.

Coffee shop sales have topped off at about 75% of their pre-pandemic levels, according to new research from Bank of America.

2.5 years after the pandemic shut down offices nationwide, employees are still spending about a third of their paid work time at home, per the recent Survey of Working Arrangements and Attitudes. 

[Mic Drop]

the impact has been unequal across the country, reflecting broader demographic changes.

• Coffee shops in Florida and New York are struggling the most to recover sales.
• Meanwhile, sales volume in California, Texas, and North Carolina is higher now than it was before the pandemic. All three states have increased their populations since 2020.