ManhattanOfficeSpaceLeasing:WhyNowIs AGreatTimeToSignADeal
Thepandemichas skyrocketedthenumberof remoteworkersthroughout theworld-butManhattan employeesareslowly comingbacktooffices.
Anaverageweekdaysees almosthalfofofficeworkers attheworkplace-an11% increaseoverApril2022withJanuaryestimatesat 54% Andwhilejust9%areinthe officefivedaysaweek,the majorityofemployeesexpect theirin-officestaffnumberto eitherstaythesameorincrease inthenearfuture.
Theeffectsofthistrendon theleasemarketaremore complex: https://rentnyoffice.com/manh attan-office-leasing-report-forbusiness-owners-q3-2022/ AnewreportCogentRealty Advisorsreportindicates that,inspiteoftheexpected upwardtrend,thecurrent marketisstillfavoring tenants.
"ClassAand‘indemand’ propertiesarecompetingby offeringenhancedtenant incentives.”saidCogent RealtyfounderMitch Waldman.
"Theseincluderent concessions(thefreerent period)andcash contributionsusedforthe constructionofnew offices."
