The demand for office space in New York has finally returned to the pandemic level promoted by the inflow of new workers and the current employer driving to see the current workers return to the office.
In the fourth quarter, according to VTS, office demand in the city increased 25 % since the previous year. This scale is the early indicator of the new lease.
“The transition to work in New York in the office reflects the unique cultural and economic dynamics of cities in the finance and technical departments,” said Nick Romito, CEO of VTS, stated in the news release. Masu.
SL GREEN REALTY CORP。 , Manhattan’s offices and retailing real estate investment trusts (REIT) announced their profits last week and missed the expectations of revenue, but analysts pointed out that the demand for leases accelerated in the office market. 。
On a phone call with analysts, SL GREEN REALTY CEO’s Marc Holliday predicts the job of the city’s Business Budget Approximately 38,000 new offices in 2025, mainly finance, business services, and information. He pointed out that it is derived from technology.
“It leads to a new absorption of millions of square feet to each of the bodies. Most of them are not their hometown work,” said Holiday. “Combine the fact that the number of on -site attendees is increasing every month because the company calls people to the office 4 days a week and five days.
HOLLIDAY also stated that SL GREEN has ended the year with a 92.5 % occupancy rate and predicts more than 93 % of rental occupations next year.
High -tech giant IBM Recently, one Madison Avenue has signed an extension of SL Green and 92,663 square feet, and has increased the total footprint of IBM in that property to 362,000 square feet or more.
“The expansion of IBM’s flagship office at one Madison Avenue will reconfirm the long -standing commitment to move the technology sector in New York and New York,” he is a senior vice president of change and operation. Joan Wright is released. “
New York is a clear winner in the office, but VTS has pointed out to other improvement markets. San Francisco had a 32 % growing rate of 32 %, and saw a faster growth rate in New York, but began at a much weaker position. Seattle and Chicago have seen a growth rate of about 15 %, respectively, as the employers of these cities are increasingly accepting hybrid work models that require consistent offices.
“Data shows that some markets, such as New York City, are rapidly returning to the conventional office environment, but the national photos are steadily progressing slowly and steadily,” VTS’s highest strategy. RYAN MASIELLO, the person in charge, states.
Nationwide, demand in the fourth quarter increased 12 % from the previous quarter. Historically, demand has decreased from the third quarter to the fourth quarter.
“This growth is not only against seasonal expectations, but also worth noting in order to appear during the cooling labor market. Despite economic uncertainty, companies invest in office spaces. He is willing to change his confidence and long -term plan.
