How has the pandemic affected the different sectors of the NYC office market? As you may note from the below grid, there is a widening gulf between the top-class A buildings and lesser performing class B buildings.
The class […]
Our eagle-eyed readers may have taken note of recent press reports of the memo issued by Eric Grossman, chief legal officer of Morgan Stanley directing that its outside law firms representing the company return to the office to improve client service. According to dispatches, the memo suggested that firms continuing to work […]
I have been saying for months that no one size fits all regarding the return to the office. You can book that based on my conversations not only with CEOs, but with many employees in a wide variety of positions in companies. We are at the beginning […]
As you may recall, approximately two years ago Amazon decided not to follow through on its plans to move to Long Island City due to community opposition. New York City could certainly use those tens of thousands of well-paying jobs with their attendant multiplier effect now.
Both Governor Andrew Cuomo and Mayor Bill DeBlasio were supportive […]
Our well-informed clients and friends likely saw the recent news that Knotel, a flexible leasing operator which had over 4 million square feet under management, filed for Chapter 11 bankruptcy on Monday. Knotel’s U.S. operations are focused on private workspaces for mid-size and enterprise companies in New York and San Francisco.
In […]
The possibility of a new stimulus bill has been at the forefront for the last few months. Two new ideas should be considered which will revitalize New York and use the stimulus funds most effectively: (1) direct grants and tax credits for office rents and (2) formation of a new City Creation Corps (CCC) to fund […]
Many of our friends and clients now have excess office space in New York City which they are looking to sublet. We at Wharton Properties Advisors can help you based upon an innovative and successful strategy which we recently undertook to sublease 20,000 square feet of Class A space for a prestigious […]
NYC landlords have taken several constructive steps toward redesigning the workplace to provide for health measures and social distancing which is desperately needed to deal with the coronavirus crisis. However, it is an open question as to whether they truly grasp the new reality of today’s economy in which they need to […]
Our informed friends and clients are likely aware of the recent JP Morgan Chase findings that productivity has slipped in the office, particularly on Mondays and Fridays. In the same vein, architect and design firm Vocon surveyed the heads of nearly 50 businesses around the country and found that (i) 40 percent […]
We hope everyone had an enjoyable Fourth of July weekend. Now that we are several weeks into the opening of offices in NYC and Phase III has started, we thought you would find the recent Real Estate Weekly article discussing the effects of COVID – 19 on the NYC real estate market […]
