New York City Market Report
New York Continues to Recover From Health Crisis and Economic Shutdowns; Commercial Property Fundamentals Face Hurdles Ahead
Comprehensive shutdowns curb coronavirus at cost to employment. An earlier and more stringent lockdown than experienced in many other parts of the country placed a heavy initial weight on New York City’s economy. Between February and April, the metro’s employment base contracted by 20 percent, exceeding the national rate. A more deliberate approach to reopening has also hindered rehiring. As of September, New York has recovered about 31 percent of jobs lost in the spring, compared with the U.S. measure of 54 percent. Strict health precautions had, however, curbed the rate of coronavirus infection to under 100 cases daily in each borough during the late summer, but that level of containment did not hold going into October. If case counts continue to climb this winter, it could present fresh hurdles for employment growth.