NYC's Revitalizing Office Space 

A message from Ben Blumenthal

For the TL;DWTR (too long, don't want to read) folks, below is a 60-second update on the office space market - straight from the streets of Midtown Manhattan!

Quick Bites

• NYC public schools welcomed students back in person 5 days a week, a helpful step for employees looking to get back to the office

• Betting smart money on Manhattan real estate; Google nabs St. Johns Terminal for a cool $2.1 billion

• Kastle Systems reported that NYC's daily office utilization is closing in on 30% - the highest rate since the start of COVID

Wishing you all the best,

Ben

Ben Blumenthal

Principal Broker

Noah & Co.

With close to 30% of US workers back in the office and a majority expected to return by Q1 2022, Manhattan's office market registered its strongest quarter since 2019, with over 7 million square feet of deals signed - a 50% increase YOY.

Some of the more notable deals:

• SL Green welcomed software company UiPath to One Vanderbilt
• Lowenstein Sandler expanded and renewed at 1251 AoA
• 7 new leases totaling over 48k SF were signed at 230 Park
• Textile firm Nassimi locked in 12k SF at 550 Seventh Avenue
• Newsmax will double its footprint to 24k SF at 805 Third Ave.
• Crypto firm Apifiny inked a 5-year deal at 1675 Broadway
• Värde Partners will move down the block to 520 Madison Ave.

As others have left, one reliable tenant remains at Trump Tower

The newest employee perk? A paid parking spot in NYC

LEEDing the way - energy efficient buildings command higher rents

Made in the Bronx:

Apple set to open its 11th store in New York

One major challenge of the WFH movement?
Cybersecurity

1k feet above Midtown: Summit One Vanderbilt to open this month