There has been a lot going on lately, so it is possible that even our well-informed readers missed the interesting news that in a special referendum in Paris, local citizens voted overwhelmingly to ban rented e-scooters by 89-11%. Apparently, the chaos and accidents caused by these motorized menaces was too much for Parisian pedestrians to […]
Last week there was an article in the New York Times profiling Columbia Business School professor Stijn Van Nieuwerburgh, who is concerned about a potential “doom loop“ for New York City arising from the decline of the office sector. A couple of days later Bloomberg reported a that a recent study by Stanford work from […]
Many of our readers likely saw today’s excellent lead article in the New York Times discussing the new Penn Station development project which is being spearheaded by Governor Hochul. I was pleased to be quoted in the article (see the click through below).
The project provides for a group of developers led by Vornado Realty Trust to […]
We have been tracking a fascinating trend in the legal industry in which their employees are returning to the office at substantially higher rates than other businesses. According to the widely-followed Kastle Systems back-to-work barometer, employees at law firms nationwide have approximately 80% average occupancy office attendance as opposed to 45% for all industries, a […]
In our last newsletter, we suggested that office employees follow Mayor Adams’ advice and take the subway to work. In light of the recent tragedy in which a Goldman Sachs employee was killed on the Q train, I’d like to supplement my thoughts.
Obviously, in this city of 8 million people there […]
When I was a mortgage trader, I recall a wag on the trading desk who would often shake his head forlornly and mutter in abject despair that “we just don’t have good numbers“ to assess the state of the economy. Now let’s fast forward a few years (or decades) to the […]
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 […]
I am pleased to pass on the exciting news that Wharton Property Advisors has been selected to join an exclusive international network of real estate agents representing tenants in approximately 70 cities worldwide. This new alliance which we helped create expands our capacity to assist clients in all the major cities and metropolitan areas in […]
For much of the pandemic, it was all the rage to declare the demise of New York City as many successful business people were decamping to Florida and Texas due to their pro-business policies and lack of state income and estate taxes. In contrast, New York was deemed to be an outdated relic.
But let’s take […]
It has been obvious to all for many months that the restoration of both the nation‘s health and its economy is dependent upon a sufficient percentage of the population being vaccinated so that we can get to herd immunity. In addition, it has been equally clear that the pace of vaccinations slowed […]
