Commercial office space in New York (and elsewhere) continues to be hurt by people not returning to work, as people get used to working from home and they seek and relish safety.
While some see technology as a bane to real estate (e.g. videoconferencing in place of meetings), technology will be an enabler of bringing employees back to the office. Tools such as touchless parking/autonomous valet, healthcare access, tenant monitoring, flexible hours, and fostering individual modes of transit will bring people back to a more social working environment.
Recent studies show that people working exclusively from home will rise from 12% to 18% in the long term and that productivity is 7% higher at the office. Density may decrease as social distancing becomes the norm, so the pipeline and absorption may remain intact.
Once we can enable technology to make going back to work safer, the CRE market will be on the road back to normal.