CNBC | Friday, July 21, 2023 
Can Cities Remain Relevant If Hybrid Work Is Here to Stay?

Hybrid work is here to stay, and if cities are to thrive, they must adapt to the new reality that workers will be downtown less often. That’s according to a new report that analyzes the COVID-19 pandemic’s lasting impact on office and retail space. “What has fundamentally changed is just the broad uptake and the persistence of hybridity,” says Ryan Luby, an associate partner at McKinsey & Company, a management consulting firm that released the report. “And that has knock-on implications for demand for office, for residential, for retail, what kind of space is demanded, where it is demanded, and that has real implications for urban vitality, vibrancy and the kinds of buildings that we demand.” Now that they aren’t making their daily commutes to downtown offices, people are doing their eating out and shopping elsewhere. The report finds that foot…Read more