NEW YORK—A new study from the CoreNet Global New York City Chapter finds that the vast majority of companies are not looking to leave New York City anytime soon in the wake of COVID-19. More than 82% of the 67% tenant and landlord respondents are in the process of reopening parts of their global portfolios, while more than 95% are currently relying on social distancing measures, such as reorganized office plans, more extensive remote working and flex spaces.
Meanwhile, less than 4% note any plans to set up satellite offices elsewhere, while less than eight percent are also considering it. For now, the focus for businesses is on re-strategizing current spaces and policies to keep the workforce safe, while remaining in New York City.
"While it is a positive sign that many of our respondents continue to be committed to New York City, it is still too early to determine the true impact of COVID-19 on the New York area real estate market. It is a trend we will continue to monitor closely," said Sheena Gohil, CoreNet NYC Chair & Executive Director of Colliers International, in prepared remarks.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
