As the onset of the pandemic drifts further into the past, its impacts on the way offices are used are still heavily impacting the present. The five-days-a-week office schedule is dead. More than 1B SF of office space is expected to be obsolete within seven years. And any employer or landlord who wants workers back at HQ has to reckon with a list of priorities that is vastly different from before. “I think the jury’s totally out on whether or not any of these amenities matter one whit to tenants, particularly in New York,” Related President of Office Development Philippe Visser said at Bisnow’s New York Office event on Tuesday. “If anyone’s traveled outside of New York, there has been amenity wars for years, and they've done absolutely jack shit for the buildings.”
Despite a 30% decline in leasing in Manhattan during Q3 compared to last year, tenants are once again signing leases, owners said at the event, held at 2 Park Ave. in Manhattan. But the buildings where owners are receiving the most interest aren’t necessarily the ones with a full suite… Read the full story here. |