Even though Class A office space is now generally more available than pre-crisis and at more affordable rates, the share of tours in premium spaces has remained remarkably stable at 62% of all tours in each period.
Except for one city, that is—New York.
There, during the recovery months of June through October, tours of Trophy or Class A share rose to nearly 70% of all tours. In the pre-crisis months of January, February, and early March, with fewer options to choose from, a little over half (55%) of tours in New York were for Trophy or Class A office spaces.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
