This Time, Corporate Executives Mean Business On The Return To Office
Leaders at major companies across the U.S. want workers back this week, and they mean it this time. Labor Day 2022 is the latest, and starkest, line in the sand drawn yet by corporate executives who think their workers should be spending more time in the office. Companies have been trying to lure workers back… Read more »
Meeting Emissions Mandates in New York’s Buildings, Explained
Building owners are scrambling to meet new rules on greenhouse gas emissions. New York’s congressional candidates do the last-minute primary shuffle. In 2019, the City Council enacted a package of bills to reduce the greenhouse gas emissions that cause climate change, including one bill that became Local Law 97 and set limits for emissions from… Read more »
How Today’s Economy is Affecting Commercial Real Estate
by Neil A. Dolgin Fall has arrived with an economy still finding its way. There is low unemployment which bodes well, but the challenges of high interest rates and inflation are increasing concerns about the possibility of a recession. Interest rates are already up 2% this year, and inflation is still soaring despite a downturn… Read more »
Commercial Real Estate Is Facing a Triple Threat: Interest Rates, Inflation, and Recession
Commercial property sectors, other than office, have recovered well after the shock of the pandemic. Generational demographics and a particularly robust job market have sustained demand, and rents and occupancy are continuing to rise, albeit at a slower pace than last year. The fundamentals are good, yet property investors are appropriately nervous. They face the… Read more »
More Affordable Parts of Brooklyn, Queens See Big Rent Increases
As the average rent in Manhattan surpasses $5,000 a month for the first time, the latest report from brokerage MNS finds that even more affordable parts of Brooklyn and Queens saw some of the largest rent increases in the past month. In Brooklyn, MNS finds that average rents increased in 15 of the 16 neighborhoods… Read more »
After Slowdown in Property Sales, ‘Repricing’ Becomes This Summer’s Dreaded Word
Summer lulls are nothing new in commercial real estate, but this year’s slowdown in deals is more pronounced because of one word that has defined the season: repricing. Rising interest rates, inflation and worries of a recession have caused a reset on prices, prompting sellers to accept a less satisfying price or pull properties from… Read more »
The Incredible Shrinking Office
In a week sure to cause office brokers and landlords some agita, it seemed nary a day went by without some major company announcing a downsizing of its office space. First it was BuzzFeed consolidating two 217,000-square-foot Manhattan offices to only 107,000 square feet at the former New York Times headquarters at 229 West 43rd… Read more »
Penn Station Plan Makes a High-Stakes Bet on the Future of Office Work
In a bid to reshape Midtown Manhattan, Gov. Kathy Hochul and New York State officials are pushing ahead with one of the largest real estate development projects in American history: 10 towers of mostly offices around Penn Station, the busiest transit center in the country. The buildings would help pay for the renovation of the… Read more »
Commercial Property Prices Ease in July
Commercial real estate property prices pulled back a fraction in July from the new heights reached a month earlier. But there were still signs of healthy demand. Price declines hit across sales of all dollar amounts and in all markets. The higher-dollar deals in both large and small markets dropped the furthest, 0.8% versus 0.3%… Read more »