As recently reported, a new cutting-edge thinking tank called the 5Boro Institute was recently formed by civic and business leaders including former Lieutenant Governor Richard Ravitch. The group has close ties to Mayor Adams, and its purpose is to promote new and actionable ideas to improve the city by advancing responsible, equitable and creative solutions […]
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 […]
Much has been made of how working with colleagues in the office is important for creativity, team-building, brainstorming and development of ideas. Of course, that benefit is offset by the time spent commuting and on idle chatter, let alone the occasional unpleasant encounter.
However, a recent article in the New York Times […]
Since the beginning of the pandemic, many companies including professional firms have been sitting with significant amounts of unused office space. If you have been receiving our emails you are likely aware that Wharton Property Advisors has extensive experience in all facets of the niche market for office subleasing transactions and in […]
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 […]
I am pleased to pass on that the Real Estate Board of New York (REBNY) is considering Wharton Property Advisors in its annual competition for the Most Ingenious Deal of the Year for 2021. Please see the click-through sent by REBNY at the bottom of this e-mail for additional details.
We have three deals that have been submitted […]
While we often comment on broader trends in real estate and the NYC economy, it is also important to go back to basics from time to time. As everyone is aware, the effects of inflation are being felt in both our business and consumer lives. Commercial real estate is no exception due to increased […]
Some much-needed time off over the holidays has allowed me to reflect on the tumultuous events of the past year, and more specifically on the impact of the pandemic on real estate and the office. In a paradoxical way, the Omicron surge has been the last straw. Even some people who have […]
Fifty years ago, Richard Nixon famously recognized the universal acceptance of the economic theories of John Maynard Keynes when he pronounced that “we are all Keynesians now“. In honor of my late father, who was a physician and Darwin scholar, I would like to modify that correct statement slightly to reflect the […]
Today WeWork is going public in a transaction that values the company at $9 billion. This is a far cry from the earlier valuation of $47 billion when WeWork proposed its earlier public offering in 2019, but scandal intervened, and the company had to fight for survival. But there is no need to revisit […]
