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After Pandemic, Shrinking Need for Office Space Could Crush Landlords Some big employers are giving up square footage as they juggle remote work. That could devastate building owners and cities. An empty conference room in New York, which is among the cities with the lowest rate of workers returning to offices.Credit.George Etheredge for The New York Times April 8, 2021, 5:00 a.m. ET As office vacancies climb to their highest levels in decades with businesses giving up office space and embracing remote work, the real estate industry in many American cities faces a potentially grave threat. Businesses have discovered during the pandemic that they could function with nearly all of their workers out of the office, an arrangement many intend to continue in some form. That could wallop the big property companies that build and own office buildings and lead to a sharp pullback in construction, steep drops in office rents, fewer people frequenting restaurants and stores, and potentia

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