Ruth in the New York Post discussing competitive turnkey space options.

Ruth in Bloomberg / Tech’s Retrenchment Hammers Landlords With Glut of Empty Offices.

Ruth in Bloomberg Businessweek / Even Wealthy Landlords Are Skipping Payments on Office Buildings.

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. Ruth was pleased to be quoted in the article. 

Ruth comments in Crain’s New York Business on how older office buildings in NYC will be left behind. 

Ruth comments in The Real Deal on how Tech Firms lead the NYC Sublet office space market. 

Ruth comments in The Real Deal on how the Supply Chain Crisis has affected the office space market.

Ruth comments in the Financial Times on how developers are rethinking the office after coronavirus.

Ruth comments on the NYC Mayoral Race and its impact on Commercial Real Estate.

Ruth in the Financial Times: the battle between management and employees has begun!

Ruth comments on NYC’s major industry, Commercial Real Estate.

Ruth discussed signs of a coming turnaround: Goldman Sachs Group Inc., based in lower Manhattan, announced this week that employees would return to the office as early as next month.

Ruth comments on Newmark purchase of Knotel in the Commercial Observer.

Ruth comments on Newmark purchase of Knotel in the Commercial Observer.

Ruth in Bloomberg News / Excellent summary on the state of the NYC office market

Below is a link to an excellent article in Bloomberg News that ran on Friday regarding the glut of office space available in Manhattan. The article confirmed much of what we have said about the state of the market. I was quoted in the article as follows:

“The sublet spaces currently on offer at deeply discounted rates is a veritable flood of biblical proportions, with more likely to come online soon.”

The article made several other key points, including the following:

• There has been a 36% increase in sublet space in Midtown and an 80% surge in sublet space in the downtown financial district.

• Average asking rents in lower Manhattan fell to $61.59 per square foot in February. Further, the asking rents for sublets are frequently lower, ranging from $30-$60 a foot.

• The increase in sublet space is fueled by companies such as JP Morgan Chase, Uber, Condé Nast, S & P Global and Fitch Ratings. In my view, some of the sublets on offer are not driven by financial distress. Rather, these sublets are based upon anticipated reduced office need due to the rise of remote work.

Decision-making regarding your future offices is fraught with uncertainties at this time. Please feel free to tap our expertise regarding any issues or questions you may have. As always, we represent our clients with creativity, integrity and diligence.

I was quoted in a Bloomberg article discussing the status of (i) the Tiffany sublease on the 57th Street side of Trump Tower and (ii) Fifth Avenue retail space.  Just so you don’t get confused while reading, the article correctly notes that our company Wharton Property Advisors is unrelated to Wharton Properties, which is a different company that sublets the Trump space to Tiffany along with S.L. Green.

I commented several times for an article in The Commercial Observer on the positive outlook for flexible office space, which I had previously forecast in a note to our clients and friends a few weeks ago. My husband and business partner Eric Haber, who is also an active bankruptcy attorney, is also quoted at the end of the article regarding the Knotel/Newmark transaction.

I commented at the outset of another Commercial Observer article regarding the impact of Covid-19 on gym facilities in which I called gyms the “sine qua non of office amenities”. A turn of phrase in Latin sometimes carries the day.