Jonathan Woetzel, an MGI director and senior partner in Shanghai Olivia White, an MGI director and senior partner in San Francisco Aditya Sanghvi, a McKinsey senior partner in New York City Rob Palter, a McKinsey senior partner in Toronto André Dua, a McKinsey senior partner in Miami and Sven Smit, a McKinsey senior partner in Amsterdam and MGI chairman. The research was led by Jan Mischke, an MGI partner in Zurich Ryan Luby, a senior knowledge expert and associate partner in New York Brian Vickery, a McKinsey partner in Boston This report is a collaborative effort by the McKinsey Global Institute and McKinsey’s In superstar cities’ urban cores, the percentage of office and retail space that is vacant has grown sharply since 2019, and home prices have increased more slowly than in the suburbs and other cities. The behavioral shifts have already had major effects on real estate in “superstar” cities-roughly speaking, cities with a disproportionate share of the world’s urban GDP and GDP growth. Others persist, particularly among office employees continuing to engage in hybrid work (that is, a combination of remote and in-office work). In recent months, some of those behavioral shifts have slowed. And now that fewer of them were working and living near urban stores, fewer of them shopped there. Many of those employees, newly freed from their daily commutes, chose to move out of urban cores. Obeying lockdowns and office closures, tired of uncomfortable masks, and enabled by remote-work technology, many employees abruptly retreated from traditional offices to home offices. The starkest change was where and how they worked. When the COVID-19 pandemic began, it dramatically changed the way people worked, lived, and shopped in cities around the world. Priorities might include developing mixed-use neighborhoods, constructing more adaptable buildings, and designing multiuse office and retail space.
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