Urban economies have been disproportionately impacted by lockdowns, travel restrictions, and the change in work. When might activity in the major financial centers recover?
In a new article, Bloomberg provides a deep-dive into the current situation in Frankfurt, London, Hong Kong, Singapore, New York, and San Francisco.
A few notable findings:
1. Workplace activity in some cities is still about 50% below pre-pandemic levels.
2. Inverse correlation between vaccine uptake and workplace activity.
– San Francisco has the highest vaccine uptake (70%+), but the biggest drop in activity (–61%)
– Hong Kong has the lowest vaccine uptake (27%), but the smallest drop in activity (-13%)
3. Road traffic and public transportation use have started to rebound but are still far from pre-pandemic levels.
4. Available office-space square-footage in some cities is the highest since the early-2000s.
5. Some cities (e.g., Singapore) have to expand restrictions again due to the spread of new COVID variants.
Frankfurt
– -17% Workplace activity
– 38% Vaccine uptake
– <50% Passengers at Frankfurt airport compared to pre-crisis level.
London
– -40% Workplace activity
– 55% Vaccine uptake
– ~50% Busier work week traffic in the Square Mile compared to July 2020
Hong Kong
– -13% Workplace activity
– 27% Vaccine uptake
– 73% Average daily passengers on the major railway routes compared to 2019.
Singapore
– -33% Workplace activity
– 47% Vaccine uptake
– 9.8% Vacancy rate for top-flight offices.
New York
– –54% Workplace activity
– 54% Vaccine uptake
– 22M Manhattan’s available office-space square footage — highest since 2003.
San Francisco
– -61% Workplace activity
– 73% Vaccine uptake
– 9M Square feet of office space is up for sublease — highest since 2005.
While the economic recovery of the major cities varies across cities and even companies, new baselines of activity may emerge as the world adjusts.
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