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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 »

Developer to break ground on first brand-new Dumbo office building in 100 years


Anyone can boldly announce plans for future office buildings that have no official groundbreaking dates. It’s another to actually start construction amid the lingering pandemic when the city’s overall office market continues to see record-high vacancy rates. On Sept. 14, developer Edward J. Minskoff and JP Morgan Global Alternatives will take the plunge on 29… Read more »

Nelson Worldwide Shares Insights on Evolving Workplace Expectations


The COVID-19 pandemic has changed, and continues to change, the way we approach going to work and using office spaces. As we enter 2021, people are still largely uncertain about the prospect of returning to the office and resuming anything resembling a “normal” work experience. This puts companies, who have large investments in office spaces,… Read more »

Distressed Commercial Property Sales Seen Surpassing Last Crisis


An estimated $126 billion in commercial real estate will be forced to sell at distressed prices through 2022, more than the first two years after the global financial crisis, according to CoStar Group Inc. Distressed hotel, retail, office and other properties will continue to flow to the market over the coming five years, potentially reaching… Read more »

A long road ahead for office landlords


The availability of office space in the biggest markets around the country hit new highs in recent months, as a growing number of tenants look to weather the pandemic and economic fallout by subleasing space. At the same time, struggling hotels and retail assets are being converted into new offices, adding to a potential oversupply… Read more »

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