The Tenant-Amenity Revolution

A message from Ben Blumenthal

The warm May weather has us back on the streets - and returning to video for the TL;DWTR (too long, don't want to read) folks.
Below is a brief update on the latest trends that we're seeing in the Midtown office space market.

Quick Bites

• Supply chain and labor shortages are delaying tenant improvement projects and buildouts by approximately 3 months
• Investment firms and hedge funds are scooping up large blocks of office space vacated over the last 2 years
• Office usage rates continue to trend upwards from their December/January lows

With a record number of leases set to expire this year, the writing is on the wall for a busy summer season in the office leasing market.

Until next month,

Ben

Ben Blumenthal

Principal Broker

Noah & Co.

As employers continue rolling out new perks and amenity driven offerings, an increased number of workers have returned to their offices - a number that experts expect to continue rising with an increase in office leasing activity taking place.

Some of the more noteworthy space movement:

• Italian furniture company Giorgetti secured the penthouse at 349 Fifth
• Tower 45 inches closer to capacity with six tenants locking in space
• Cadre inked a long-term lease for 17k SF at 315 Park Ave South
• Security firm Mulligan Security will call 7 Penn Plaza home for 10+ years
• ESRT signed a trio of deals at its 1359 Broadway building
• The NY Public Library will take over 3 floors of space at 270 Madison Ave.

A recession may the reason employees return back to the office

A 34k SF underground "playground" is set to open at 375 Park Ave.

In an effort to attract talent, crypto firms are leasing space in the city

The generational divide behind the return-to-office debate

The Metaverse is coming to One Times Square

MetroTech rebranding to Brooklyn Commons in $50M upgrade