Living
New Yorkers and Londoners Are Ditching Cities for Suburbs
- Office provider and homebuilder see structural shift in demand
- But it’s the silver lining in a challenging year for industry
Photographer: Matt Cardy/Getty Images
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Real-estate companies are seeing clear evidence of New Yorkers and Londoners ditching city centers for suburbs as the pandemic changes the way people live and work.
IWG Plc, which operates Regus-branded serviced offices in cities around the world, has seen a “a strong pick-up in demand” for suburban space versus major cities, especially in places reliant on commuting. While deals for its downtown New York offices have collapsed by 30% since the virus outbreak earlier this year, activity in southern Connecticut has surged more than 40%, according to a statement Tuesday.