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 […]
There appears to be an unseemly rush to set up casinos in Manhattan. Every day there is a new proposal from a prospective operator.
However, don’t fall for the okey-doke. If the city places a bet on Lucky Dan, it’s sure to be stung just as in the movies. This is a desperate last gasp move […]
There have been several excellent articles recently about whether the glass representing the future of New York and urban America is half empty or half full. We don’t yet know in a metaphorical sense. However, we do know that offices are literally half full with 49.6% employee attendance in New York City and 49.0% nationwide. […]
Our well-informed readers are surely aware of the travails of Twitter following its recent takeover. Technology is not my field, but when Elon Musk mandated a return to office by employees that he later rescinded, I thought there might be helpful lessons for managers from the ensuing debacle in my area of expertise. Clearly, this […]
There are some dark clouds hovering over the office leasing industry that started with the pandemic and remote work. Industry veterans suggested for years that the trend would pass. However, 2 1/2 years into the pandemic, we can conclude that it is surely enduring with approximately 50% employee attendance around the country.
In order to adapt, […]
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 […]
My firm represents tenants, but we also recognize the essential role that landlords play in the smooth functioning of the commercial office ecosystem. Healthy landlords are essential so that tenants can receive high quality services in their buildings.
There is no crisis at One Vanderbilt or Hudson Yards. However, for all but the top-class buildings, the […]
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 […]