Developers’ Next Big Challenge: Finding A Way To Measure Social Impact Of Buildings
A focus on incorporating Environmental, Social and Governance best practices, or ESG, into development has sharpened in recent years. But tracking the social element, calculating output and returns, is complex — and becoming more crucial as investor interest and funding grows. “We don’t have good measures for ‘S’ right now. You know, for E, we… Read more »
Back-to-Work Malady Hurting Manhattan Retail Recovery
The Real Estate Board of New York (REBNY), the City’s leading real estate trade association, today released a special report documenting the impact of the COVID-19 pandemic on storefronts in Midtown Manhattan’s critical retail corridors. These corridors have historically relied on foot traffic from Midtown office workers to power the local economy, and the continued… Read more »
NYC Pushes Through Massive Overhaul of Construction Codes
The New York City Department of Buildings today marked the official passage of major legislation in the City Council to update the city’s Construction Codes. The revision to the Codes contains over 600 major updates, and thousands of smaller changes, intended to improve safety for New Yorkers, and incorporate the latest in building technologies. The… Read more »
Why Commercial Rent Controls Are a Bad Choice for New York City
by Neil A. Dolgin In my last post, Factors Shaping the Future of Commercial Real Estate in NY, I made the point that commercial real estate throughout the city is at risk as the climate for doing business is becoming increasingly difficult. While landlords are trying to recover from mounting losses due to the pandemic… Read more »
Value of NYC Office Buildings Drops by $29B During Pandemic
The pandemic’s impact on New York City’s office market might be worse than anyone thought. The coronavirus erased years of growth in the city’s office sector, and, along with it, $28.6 billion in market value and more than $850 million in property taxes in the city’s 2022 fiscal year, according to a report from New… Read more »
BP Adams Talks Climate Resiliency, Flood Mitigation
In response to the growing climate crisis, Brooklyn Borough President and Democratic nominee for mayor Eric Adams on Friday unveiled his new Climate Resiliency Plan in Coney Island — a month after the remnants of Hurricane Ida flooded swaths of the city. “Let’s face it, we screwed up the planet. Folks, climate change is here,”… Read more »
5 Findings From New Study About the Value of the Office
One of the biggest remote work studies ever conducted recently released findings that show the office isn’t going anywhere. The study, conducted by UC Berkley scientists, looks at over 61,000 Microsoft employees. Microsoft’s rapid shift to a work-from-model presented a unique opportunity for researchers, a natural experiment that can help shed light on the value… Read more »
Retailers jostle over cut-price space as Brooklyn market looks for solid ground
The Real Estate Board of New York (REBNY), the City’s leading real estate trade association, today released its Summer 2021 Brooklyn Retail Report which highlights steady leasing in the Brooklyn retail market as tenants capitalize on market opportunities in select trade areas. According to the report, demand is being driven primarily by retailers taking fully… Read more »
Google buys NYC campus for $2.1 B, one of biggest office deals in history
Who said the office is dead? Google is paying $2.1 billion for a New York City building in the largest American office deal since 2018. The deal is for a 1.3 million-square-foot waterfront building at Hudson Square in Manhattan that is set to be completed in 2023. Google had already signed an agreement to lease… Read more »