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Guess what. We dont need your restaurants!!! Shove it, along with your prices, masks and surcharges.
No one is obligated to support Manhattan. Let JP Morgan spread some of their trillions around the city.
Yea, their reference points are August 24th to August 31st versus September 14 to 21st with Labor Day in between which was an expected bump. The interesting part about this whole thing is that meanwhile moreclass Aofficespace continue to come online, so the question is what happens to the older office space as the new supply and continued high vacancy rates will keep pushing a strong downward force on office spaces especially older office space. It'll be interesting to see how these fare whether demolition and construction of new buildings (and if so, what kind and for what use), conversions will be interesting to different uses or remodeling subprime office space into class A office space.
Last edited by OyCrumbler; 10-17-2022 at 09:22 AM..
If an office can get a majority of the work done remotely without having to pay crazy expensive rents, why wouldn't they? seems like a win win to me
Right, and this can bring office rent down since then there's a new price equilibrium for what it takes to fill up vacancies. Given how much office space prices had increased in the run up to the pandemic, there's probably a pretty low floor to go down to before there's actually any risk that the cost of operating and maintaining office space costing more than the new price equilibrium.
RTO is most prevalent in banking and finance. The bank CEOs have been screaming for their workers to return or risk being dismissed.
Yeah and they will live to regret this. If you thought the Fintechs we're beating them up in 2019 they will really feast off their giant carcasses now.
Most top talent were already leaving banks for Big to Medium Tech.
RTO is most prevalent in banking and finance. The bank CEOs have been screaming for their workers to return or risk being dismissed.
That's until the leases on all their expensive NYC office space runs out over the next few years. Then they'll be screaming at them to WFH.
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