The recovery of New York City office space recovery from the Covid-19 pandemic will be subdued, below average, Fitch Ratings is predicting.
The poor recovery could see a cumulative double-digit net cash flow decline from pre-pandemic 2019 levels, Fitch warns in a report.
The study sees mid-single digit net cumulative demand growth in the next upcycle versus mid-teens, with limited rent growth and with rated NYC office REITs likely to not see positive same-store NOI growth until 2022.
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