Manhattan Employers Are Slow to Bring Workers Back to the Office
According to a recent survey by the non-profit organization “Partnership for New York City”, only 8% of the total of 1 million office workers in Manhattan has returned to their offices. This is number is slightly below the late May forecast of 10% by mid-August. There continues to be a lot of uncertainty with regards to employees returning physically to their offices. The survey found that firms anticipate that only 54% of their workers will have return to the office by summer 2021. The major reasons for employers to let employees continue their work remotely are transit safety, reopening of schools, and availability of childcare.
How Fundraising Has Adapted Through the Pandemic
As a result of the pandemic and social distancing, fund raising for new investments, whether single deals or funds has changed dramatically. The new standards are Zoom calls and other virtual meetings that allow investors to meet investment managers and listing to their market opinions. For new investors it can be challenging to underwrite the firm over Zoom, which is why many investors place more equity in existing relationships. Khalif Edwards, managing director and head of capital raising at Cityview, says that “a lot of that capital will be directed towards existing managers that have a demonstrated track record, especially one of investing through a downturn. That’s not to say investors won’t invest in new relationships, but many of those conversations started pre-COVID and a certain level of comfort was developed. You can get deals across the finish line with Zoom and conference calls, but it will be challenging to get commitments from any new conversations post-COVID.”