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This is good news. While residential rents are skyrocketing (again) and ground floor retail remains stubbornly stuck at pre-pandemic levels, office space has already reflected ACTUAL SUPPLY AND DEMAND economics! I cannot wait to sign a lease in a building overlooking midtown , Tribeca, or Wall Street <$800. Been shopping for a nice office space and have been talking to brokers since the summer.
The pandemic accelerated WFH protocols. And it's not just millenials and Gen Zs who are happy about this. Folks in the tech industry has been lobbying for F/T WFH for the longest. This is why NYC will never return to its former empire glory. There's little business sense in paying for expensive Manhattan RE when workers can be productive in their own homes. Plus, COVID will be around for a long time. Why take the chance and get sick at the office when you can just stay home?
The pandemic accelerated WFH protocols. And it's not just millenials and Gen Zs who are happy about this. Folks in the tech industry has been lobbying for F/T WFH for the longest. This is why NYC will never return to its former empire glory. There's little business sense in paying for expensive Manhattan RE when workers can be productive in their own homes. Plus, COVID will be around for a long time. Why take the chance and get sick at the office when you can just stay home?
Honest question. If you could lock in a long term lease at cheap rates and say, lease out a whole floor would you do it? Then sub-let individual spaces on that floor over the years to make some income (depending on the landlord 's terms of service agreement).
The pandemic accelerated WFH protocols. And it's not just millenials and Gen Zs who are happy about this. Folks in the tech industry has been lobbying for F/T WFH for the longest. This is why NYC will never return to its former empire glory. There's little business sense in paying for expensive Manhattan RE when workers can be productive in their own homes. Plus, COVID will be around for a long time. Why take the chance and get sick at the office when you can just stay home?
Tech is mostly full of woke, liberal, progressive Millennials and younger who from day one have bucked against that they see as an outdated work ethic. Covid was catnip to them as it gave cover to their long sought demands, end of face time/eight hours per day at office and so on.
They're all "super" happy, pursuing their dream jobs while still being true to themselves..... Yada, yada, yada...
Unless you intend to wall yourself up in a bubble at home can get sick anywhere and anyplace.
As James Dimon put it: "If you're well enough to go out to dinner, you can come into office and work..."
People crack me up with that "WFH to avoid catching Covid shyt". Meanwhile they're out and about (now mostly not wearing masks), at restaurants, bars, gyms, and otherwise enjoying life. So what? Covid is only lurking about at offices or other places of employment where *you* don't happen to be working?
All smoke and mirrors. When these big commercial real estate acquisitions happen there are lease price assumptions in the prospectus and financing documents. If the lease rate is not met, the debt service obligations fall apart and the holding company is at risk of forced bankruptcy.
These building owners will literally let entire floors go empty for years at an advertised rate of $X rather than discount to $Y to attract a tenant because that mark would destroy the entire economics of the deal.
Of course there's a limit to being able to function on $0 revenue, so it's a matter of time before it implodes and it will be sudden and a shock to the system
Not entirely smoke and mirrors since we both know there's a limit to how long any specific holding company can keep going with high prices and high vacancies. The actual building owners having to sell under duress or going into bankruptcy is part of the process of where you eventually find the market clearing price, and of course, not all building owners need to budge in unison. It eventually comes to enough parts of the market and is essentially never instantaneous, so saying it's all smoke and mirrors is probably either short-sighted or foolish.
The pandemic accelerated WFH protocols. And it's not just millenials and Gen Zs who are happy about this. Folks in the tech industry has been lobbying for F/T WFH for the longest. This is why NYC will never return to its former empire glory. There's little business sense in paying for expensive Manhattan RE when workers can be productive in their own homes. Plus, COVID will be around for a long time. Why take the chance and get sick at the office when you can just stay home?
I worked in the Telecom industry for years. We were doing WFH when it was called 'telecommuting'. Not every day of course but it was there going back to the mid-1990s. WFH is really nothing new for those of us in the telecom world.
What's your definition of running one's mouth? Curious about it, because what she's quoted as saying doesn't square with what I think it means.
Talking about something she has no intention of doing anything solid about.
Not huge fan of Same the Eagle and city council, but they do shyt even if it gets slapped down later by courts.
In bed with hotel trades union city council passed a bill, and Sam the Eagle signed it into law forcing hotels to either bring workers back or pay them hefty severance. Guess which most places chose?
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