“I've never seen such struggling, particular in professional services, about the demographics of a workforce,” said industry veteran Mitch Rudin, president & CEO, US commmercial operations, Brookfield Properties.

“It depends on the industry, countered Lo Russo. “The technology sector is very driven by culture and where employees are; we hear a lot that engineers live in Brooklyn or the NYU and Cooper Union areas. But there are still companies that are focused on where the CEO lives, while some are image driven and they need to be on Park Avenue.

In the case of SAP, which recently signed a lease for the south tower of Hudson Yards, the decision was ultimately about where the CEO wanted to set up shop. However, the company also considered the features of the building, said global real estate strategist Craig Walton.

“We need to have a location with amenities because we have people who don't come to the office all of the time so we need things that will attract them there. People like the funky space and to be close to home.

In fact, he noted, “With technology and people being more mobile, and more interested in work/life balance, we have satellite offices where people go just on Fridays,” so they don't commute into cities at the start of the weekend.

But not all firms are utilizing multiple offices. In light of the increased focus on collaborative spaces and a shrinking workforce, companies are often decreasing their footprint. Said Rudin, “100% of the major users we're talking to are involved in consolidation.”

But there is a sign of health in some of the moves taking place, he added. “This year, of the 10 largest deals, 6 have been relocations. That's more balanced than last year, when it was all renewals.”

And new areas continue to present themselves, the panelists noted. “With Manhattan West, you have floor efficiency, proximity to a transportation hub, and benefit programs that have been put in place,” said Walton. “It's a rapidly growing neighborhood.”

Added Rudin, “We're putting a quarter of a million dollars into retail at Brookfield. “We've signed a European-style marketplace, opening a year from now; we will have a dining terrace with 14 different purveyors; restaurants; high-end retail and ancillary stores to serve people day-to-day.

“In five years,” he predicted, “this city is going to look dramatically different. Downtown and the west side will be cities within themselves.”