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title: Unmasking the NYC Office Demand •  Noah & Co. Monthly 📰
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Midtown Market Update: May 2021 - A month of positives has seen momentum build in NYC's push for a full recovery |

| View in browser The Momentum Builds A message from Ben Blumenthal   Since news of an effective vaccine broke, the return of New York City (and by extension, workers to their offices), was hardly a question of “if” but more so a question of “when”. Fortunately, May brought forth many positive developments that gave businesses some much-needed guidance on what to expect.   A stream of encouraging announcements has created a framework to set expectations and provide businesses with the confidence to plan: Fully-vaccinated folks are no longer required to mask 80,000 NYC employees began a staggered return to the office Indoor dining capacity returned to 100% A complete reopening of NYC has been scheduled for July 1 If you’ve recently walked the streets of Midtown, you've likely noticed busier sidewalks, restaurants & bars crowded with the “after-work” patrons, and yes, plenty of vehicle traffic on the roads. Additionally, VTS reported that NYC office demand (measured by touring activity) had increased by 25.9% month-over-month.   Similarly, our clients' interests in finalizing office space arrangements have been progressively bolder since the beginning of April; just last week, we represented three groups that finalized leases with either an immediate or July 1 occupancy date. This momentum seems to be growing stronger - and as it snakes through the leasing pipeline, we expect a flurry of office space decisions and commitments from businesses aligning their return to the office with the city’s reopening dates.    As the city emerges from COVID and big-name organizations become increasingly public about their plans to return (ie. J.P. Morgan, Google, Goldman Sachs, etc.), we have begun to see both the sublease glut receding and a markedly stronger demand not just for physical office space, but for office space in NYC. Because let's be honest; New York City is Prime Time!   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 Office space activity in Midtown has remained high and continues to move in a positive direction: new sublease space has slowed down, Tischman Speyer opened 2 new coworking centers, and hotel occupancy continued to rise.   At the same time, many firms have continued to take advantage of the favorable market: Bracewell signed a long-term lease for 50k+ SF at 31 West 52nd Street One Vanderbilt at ~ 80% occupancy after locking in 3 new tenants A renewal will keep National Bank of Egypt at 40 East 52nd Street SLR Capital Partners renewed and expanded its Park Avenue office 10 Times Square will be home to Wellspring Philanthropic until 2031 1450 Broadway welcomed LightBox & Champion Elevator Corp. One year after locking down, NYC resumes 24/7 subway service Read On It's official: Metro-North will add 4 new Bronx stations by 2025 Read On All NYC beaches are scheduled to open for Memorial Day Weekend Read On Vertical expansion: Macy's to build office tower in Herald Square Read On One Vanderbilt's 1000+ feet-high observatory set to open this fall Read On The latest outdoor space to hit NYC? The Green at Lincoln Center Read On Noah & Co., 600 Fifth Avenue, New York, NY 10020, (212) 947-7120 Manage preferences |
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