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Yep. It's just a matter of time. The million dollar question is when will it rebound not if. That's what I want to know. And how quickly it recovers depends on who is going to be the next mayor, I think.
Hopefully it won’t take 20-25 years like It did when the city began to hallow out in the late 60s.
My brother in law is a property manager for a major (as in well known) building in Manhattan. He's at less than 10% and deep into looking for a new career after nearly 20 years in property management. He's confident that large commercial leases are soon to be a thing of the past.
My brother in law is a property manager for a major (as in well known) building in Manhattan. He's at less than 10% and deep into looking for a new career after nearly 20 years in property management. He's confident that large commercial leases are soon to be a thing of the past.
A lot of companies or my clients are playing the waiting game. They don't want to lose their leased space in case everything goes back to normal. But they are ramping up remote work just to keep business moving forward. In fact more and more workers especially in management are moving away because the technology and process of working remotely is getting even better. I don't think with covid in our rear view mirror that people are gonna run back and enjoy being stuck in traffic or subways again. It will take atleast 3+ years for companies to sort out what to do with their office space. Plenty of companies aren't coming back to nyc for good.
Funny how this place can't exist without being an overcrowded rat orgy. It's almost as if those watered down $25 drinks at the bar aren't worth $25...
You've noticed that too?
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