Travel and dining are nearly back to 2019 levels, but the slow pace of returning office workers isn't even close, according to this BofA Global chart.
Travel and dining have come roaring back, providing a vital shot in the arm to restaurants, hotels and businesses more than two years after the pandemic gripped the nation. The comeback has New York City expecting a 70% surge in domestic and international visitors this year from a year ago.Travel and dining have come roaring back, providing a vital shot in the arm to restaurants, hotels and businesses more than two years after the pandemic gripped the nation.
That has led to a disjointed outlook for commercial properties, where scarcity has meant households face high prices for shelter, in addition to food and other necessities, while many office buildings sit more than half empty. That contrasts with “signs of cracks in the office sector,” the team said, pointing to increasing vacancy rates and falling office rents in New York and San Francisco.
It is possible “that a large subset of the population enjoys city life but don’t necessarily want to work from an office five days a week, and that office space has been consolidating,” the BofA team wrote.
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