NYC’s office market comeback is ‘unique’ compared to other cities
00:00 Speaker A
As New York goes, so does the rest of the country. and maybe I’m biased because I live here, but how much does New York City’s office comeback tell the story of what we can see in other major cities around the country?
00:13 Speaker B
III, I would say the return of the office is not happening in every market across the country. New York City is unique, as we all want to know. tell people. Um, gateway cities are really starting to see a resurgence of some of the more traditional industries like financial services and law firms. and technology is starting to move backwards. And actually, if we’re talking about a tale of two cities, we’re talking about how the better part of the market here is performing extremely well. On the other hand, there is a rather soft segment of the market. We see this in other cities too. If you’re looking for a high-quality space in San Francisco, Chicago, Boston, it’s hard to find. But if you want product space it’s still plenty.
01:05 Speaker A
So where are the cities similar to New York? My mind goes to a Miami that embraces crypto and technology, for example.
01:13 Speaker B
Yeah, look, the reality is that there’s only 20 million square feet of office space in a place like Miami. Even though it is a nice market, it is actually nothing. New York City has no meaningful impact on Miami. But you know, big markets like San Francisco, Chicago and Dallas are very active right now. But let’s not forget that we have more vacancies in New York City than most of these markets combined.
