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title: The September Office Awaits •  Noah & Co. Monthly 📰
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Midtown Market Update: June 2021 - New York City continues its remarkable turnaround as more companies plan for a post- Labor Day return |

| View in browser We've Made It A message from Ben Blumenthal   New York is open for business! With the city fresh off its 1-millionth COVID vaccination and a return to normalcy in full swing, the energy of New York is back. The overflow of after-work patrons on the sidewalks of restaurants and bars is a welcome sight, and according to REBNY, broker confidence has reached its highest levels since the pandemic began.  Over the last 2 months, we’ve seen a noticeable change in businesses' outlooks, as C-suite executives enter the office space market with a sense of urgency to get their teams back together. In just the last several weeks: Morgan Stanley announced that all employees are expected back after Labor Day (and must be vaccinated to enter the building) Amazon called office workers back 3 days a week starting in September Bank of America has asked its employees to return post-Labor Day While there is no shortage of office availability, the best value-deals in Midtown (ie. plug & play subleases and well-priced direct lease space) have begun to get absorbed, commonly with multiple bidders. On the sublease market, we've seen fewer spaces listed as companies reconsider their previously planned break with the office.   Despite these positive developments, one of the biggest challenges organizations are now facing is how to entice employees to return to the office. Over the last year, many rank-and-file workers have developed new routines and lifestyle expectations, changes that are certainly posing a great challenge for organizational leadership.    As a new era dawns on New York City (along with a new administration soon to move into City Hall), we remain confident in the timeless value and opportunity that New York presents to entrepreneurs and businesses around the world.   Wishing you all the best, Ben Ben Blumenthal Principal Broker Noah & Co.  With hundreds of spaces available, we've singled out some of the best opportunities in Midtown today. View spaces here With over 60% of workers expected to return to the office after Labor Day, a noticeable shift in the market has emerged over the last month: newly signed office lease terms have increased, sublease availability has decreased, and some have even predicted that a full-return to normalcy is less than one year away.   Leading the charge are companies taking advantage of the deals while they last:  Trident Group locked in a long-term lease at 320 Fifth Avenue 1271 AoA hit full occupancy as Latham & Watkins expanded by 20k SF One Vanderbilt is 90% leased as another 3 tenants inked long-term deals LBB Industries moved to the penthouse at 475 Fifth Avenue 2 new leases totaling ~ 26,000 SF signed at 630 Third Avenue A new HQ awaits Dattner Architects at 498 Seventh Avenue A well-deserved "Hometown Heroes" Parade is set for July 7 Read On Remote-work fatigue is driving younger folks back to the office Read On Hotel recovery in NYC is taking longer than in other big cities Read On As restrictions are lifted, gyms see a rapid increase in traffic Read On Chelsea's floating park "Little Island" has finally opened! Read On A shortage of subway workers may derail the city's reopening plans Read On Noah & Co., 600 Fifth Avenue, New York, NY 10020, (212) 947-7120 Manage preferences |
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