New York City deli owner Jimmy Yavrodi is feeling down as he looks out of his shop, which has been in a prime business area for 27 years.
He’s seeing a lot of empty buildings around, like the famous Flatiron building, which is now going to be turned into condos.
Even nearby construction projects don’t promise much hope, as big companies like IBM are downsizing their office spaces.
Some buildings are even being handed over for just $1 because they’re struggling to attract tenants.
This isn’t just a problem for Jimmy’s deli; it’s a big issue across America. With more people working from home, offices are sitting empty.
In fact, about one-fifth of all office space in the US is vacant, the most in over 40 years. This is causing big problems for property values and banks that loaned money for these buildings. If things don’t improve, it could even lead to some banks failing.
Cities like New York and San Francisco, which rely on taxes from office buildings, are feeling the pinch too. They might have to make big cuts to their budgets if they can’t find other sources of revenue.
Some people think this is just a temporary problem and that cities will bounce back. But others, like Jimmy, aren’t so sure.
He’s seen his business suffer as fewer office workers come in for lunch. And with more companies offering free food to lure workers back, he’s not sure how he can compete.
The way we work might be changing for good, and that could have a big impact on businesses like Jimmy’s.
Source : BBC
https://www.bbc.com/news/business-68472143