The east coast and west coast have long had a rivalry, but their diverging responses to economic reopening are painting a new chapter: New York City is reviving fast and San Francisco and Silicon Valley are asleep.
reported, citing data from property data company VTS. Demand in San Francisco, however, is just 68% of its pre-pandemic average, signaling the tech sector's relaxed stance on telecommuting places a major drag on the city's office market.Dealmaker dinners are back, and interns are ready to hit up the bars. Wall Street's appetite is returning, and New York City restaurants are gearing up for a rush.
More broadly, the two cities' approaches could be fueling vastly different labor-market recoveries. New York had recovered 45% of its lost jobs by the end of June despite suffering the most at the start of the pandemic, Oxford Economics said in a note. By comparison, San Francisco only recouped 28% of its lost payrolls.