Migration patterns have made the Sunbelt and West prime CRE markets. No surprise at this point. But it's becoming too easy for developers, investors, owners, and operators to keep looking where everyone else is, and that's often a recipe for missing big market opportunities.

According to data pulled together by Cushman & Wakefield, one of those opportunities could be office space in New York City. Even if some companies have relocated headquarters and others have added new regional offices, New York is a massive and well-regarded commercial real estate market that isn't about to close shop in the near future.

Starting at the top, for those worried about whether companies would keep offices after the pandemic. Through May, companies have signed more than 6.5 million square feet of new leases. According to Cushman & Wakefield's count, that's 5.9% higher than the 2015 through 2019 five-year average of 6.1 million square feet.