Demand for New York City office space has finally returned to pre-pandemic levels, driven by an influx of new workers as well as a drive by employers to see current workers return to the office.
During the fourth quarter, office demand in the city jumped 25% from the year before, according to VTS, which measures demand through unique new tenant tours of properties. The measure is an early indicator of new leasing.
“New York City’s shift back to in-office work reflects the city’s unique cultural and economic dynamics, especially in the finance and tech sectors,” said Nick Romito, CEO of VTS, in a news release.
SL Green Realty Corp., a real estate investment trust, or REIT, concentrated in Manhattan office and retail, released earnings last week, and while it missed revenue expectations, analysts pointed to further tightening in the office market as leasing demand accelerates.
On a call with analysts, SL Green Realty CEO Marc Holliday…
