The Playbook On How To Lease A Building In NYC's Hard-Hit Office Market
Bisnow's podcast, Make Yourself At Home, hears from members of the commercial real estate industry about how they are managing this new reality and gaining insight into their day-to-day approaches. You can subscribe on iTunes, Spotify and Amazon Music.
On this episode, David Falk, the president of the New York Tri-State region at Newmark, talks about his views on the city’s office market, remote work and the future of the city. The numbers aren’t great — first-quarter figures show Manhattan office availability is up 50% from this time last year. Nearly 79.7M SF of office space is available, accounting for 17.2% of its overall supply, according to Savills.
What’s more, big-name firms like JPMorgan Chase, Yelp and PricewaterhouseCoopers have all added space onto the sublease market, possibly bringing down overall rent prices and sending a message that occupiers are going to take less space in the future.
“The buildings that are most active today are the ones that are taking initiative, that are first impression, outdoor space, amenities … they are trying to do everything they can to say, ‘This is the building for you,’” he said, adding that concessions are up significantly. “There are a lot choices. ... From a tenant’s perspective, it’s a great time."