Moving in the Right Direction 

A message from Ben Blumenthal

For the TL;DWTR (too long, don't want to read) folks, below is a brief video update on the office space market - delivered from the heart of Midtown Manhattan!

Quick Bites

• NYC's class-A and amenity-rich buildings remain in high demand and are being used to lure workers back.
• The MTA is banking on a major return to the office by end of year
• Midtown's post-pandemic recovery playbook will aim to make the area a "live-work-play" hub
• The rise of crypto-related businesses is helping NYC bounce back

As companies continue returning to their offices, the next 4-6 weeks will provide a strong indication of what 2022 will look like overall.

Until next month,

Ben

Ben Blumenthal

Principal Broker

Noah & Co.

With the tech, life science, and health care industries leading the way, office leasing activity has remained strong in Q1 and is expected to continue improving as most employers anticipate their workers to return by the end of March.

Some of the more notable deals of late:

• Savanna locked in Arevon Energy & Teza Technology at 521 Fifth
• Titan Construction will relocate to 12k SF at 550 Seventh
• Law Firm Cohen Ziffer signed a 10-year deal at 1350 AoA
• 3 new tenants will now call 99 Park Avenue home
• FirstService Residential will take 2 floors at 575 Fifth
• WeWork will sublease 160k SF to Santander Bank

NYC's office market may have a larger threat than remote work

Touro College chose Times Square for its newest campus. Why?

Fisher Brothers bringing 13k SF of amenity space to 605 Third Ave

Construction begins on massive Chelsea office building development

Free COVID tests to be distributed at 40+ NYC landmarks and libraries

Office space tenants to replace Neiman Marcus in Hudson Yards