September 25, 2023

Boston’s economic rebound hindered by vacant office space, remote work, report finds

Gayla Cawley ,

The Boston Herald

A new report paints a sobering picture of what the shift to remote and hybrid work could do to the city’s economy in the months and years ahead, given the reduction in foot traffic and spending seen in the downtown since the pandemic.

“Urban Economies on the Precipice: A Tale of Six Cities,” a report issued Friday by the Massachusetts Taxpayers Foundation, examines the post-pandemic challenge Boston and five other major cities face in replacing worker-driven economies and managing the impacts of vacant office buildings.

“Office-worker-driven economies in major cities are taking permanent hits as hybrid/remote work reduces downtown time and money spent,” MTF states in a document accompanying the report. “As office leases expire, more empty buildings will stress owners, local businesses and city finances.”