New York City is far from the only office market in the country, but it's one of the most important, housing the nation's financial and corporate powerhouses. The good news, according to a new Marcus & Millichap report, is that space usage has improved. The flip side, the future remains uncertain because companies more than ever are planning hybrid space strategies.
According to the report, there's a definite recovery in the works.
"Office usage as of May stood at 38 percent of pre-2020 counts based on a Kastle Systems utilization survey, exceeding pre-omicron figures and the highest measure since the onset of the pandemic," Marcus & Millichap reported. Much better than 20%, of course, but this shows that recovery is far from the good old days of three years ago.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
