Future of work newsletter free subscription Future of work newsletter free subscription Future of work newsletter free subscription
  • Marketplace
  • Resources
  • Business Directory
  • Events
  • Advertise
  • Brand Pulse
  • Publish a Press Release
  • Get the Newsletter
  • Contact
  • About Us
The FUTURE OF WORK® since 2003
Allwork.Space
No Result
View All Result
Subscribe
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
No Result
View All Result
Subscribe
Allwork.Space
No Result
View All Result
Home News CRE

London And New York’s Office Markets Are Making A Comeback

London and New York City’s office markets are finally seeing recovery as people trickle back into the workplace, but landlords must do more to reach pre-pandemic levels.

Aayat AlibyAayat Ali
February 1, 2022
in CRE
Reading Time: 2 mins read
A A
London And New York’s Office Markets Are Making A Comeback

More stories for you

Tech Giants Spend Over $1 Billion To Buy Back Into The U.S. Office Market

Tech Giants Spend Over $1 Billion To Buy Back Into The U.S. Office Market

3 days ago
Trophy Assets Drive 69% Surge In U.S. Office Market Sales

Trophy Assets Drive 69% Surge In U.S. Office Market Sales

1 week ago
Ireland’s Commercial Property Market Surges 39%

Ireland’s Commercial Property Market Surges 39%

1 week ago
Coworking Explodes Across EMEA, Tripling In Size As Hybrid Work Reshapes Office Demand

Coworking Explodes Across EMEA, Tripling In Size As Hybrid Work Reshapes Office Demand

2 weeks ago

London and New York City are facing similar challenges in bringing workers back into the office, even sharing a closely related recovery trajectory. 

Although remote working has become a must-have for many professionals, occupancy levels and public transport usage has increased alongside the shift to more flexible work arrangements according to Bill Sexton, CEO of Trimont Real Estate Advisors. 

Despite experiencing a lag in recovery, the two cities have finally started to see an uptick in leases. For instance, Google purchased London’s Central Saint Giles building earlier this year for $1 billion, as well as Manhattan’s St. John’s Terminal Building for $2.1 billion last September. 

In London, investment sales grew to $14.9 billion last year compared to the $10.1 billion seen in 2020. While this is still below the 10-year average of $18.9 billion, this shows progress.  

Additionally, London office investment was 68% above the levels seen in 2020. 

“Gradually, it is stepping back up,” said James Beckham, managing director of investment properties at CBRE in London. “We think this year it will get back to normal, even with some of the travel restrictions remaining in place.”   

At the moment, total leasing volume in London is up 88% compared to 2020, but still 12% lower than the 10-year average. 

In New York, the office market picked up the pace towards the end of 2021, with leasing activity seeing its highest levels since the onset of the pandemic. Office demand clocked in at 9.3 million square feet during the final quarter of 2021, which is up 20.8% from the third quarter of that year. 

Following Labor Day in September, office occupancy steadily increased to a peak of 37% on December 1. However, the Omicron variant caused numbers to fall again as people shifted back to working from home. 

In order to lure tenants back into building, landlords have ramped up their sustainability efforts and high-quality amenities. 

“Landlords and occupiers are having to think of new and different ways to make the office space more attractive to their staff, recognizing that the office space has to offer something different from the home environment,” said Sexton. 

Source: Commercial Observer
Tags: CRE
Share5Tweet3Share1
Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

Other Stories Recommended For You

Tech Giants Spend Over $1 Billion To Buy Back Into The U.S. Office Market
News

Tech Giants Spend Over $1 Billion To Buy Back Into The U.S. Office Market

byAllwork.Space News Team
3 days ago

Major technology firms are altering their strategies in the post-pandemic era by ramping up purchases of office real estate across...

Read more
Trophy Assets Drive 69% Surge In U.S. Office Market Sales

Trophy Assets Drive 69% Surge In U.S. Office Market Sales

1 week ago
Ireland’s Commercial Property Market Surges 39%

Ireland’s Commercial Property Market Surges 39%

1 week ago
Coworking Explodes Across EMEA, Tripling In Size As Hybrid Work Reshapes Office Demand

Coworking Explodes Across EMEA, Tripling In Size As Hybrid Work Reshapes Office Demand

2 weeks ago
Advertisements
Nexudus - Tech Stack Lovers
Advertisements
Yardi Kube automates flex and coworking operations

Unlock your competitive edge in tomorrow's workplace.

Join a community of forward-thinking professionals who get exclusive access to the latest news, trends, and innovations that are shaping the future of work.

©2024 Allwork.Space News Corporation. All Rights Reserved.

Exploring the Future Of Work® since 2003.

Advertise   Newsletters   Privacy Policy   Terms Of Use   About Us   Contact   Submit a Press Release   Brand Pulse   Podcast   Events   

No Result
View All Result
  • Home
  • Latest News
  • Topics
    • Business
    • Leadership
    • Work-life
    • Workforce
    • Career Growth
    • Design
    • Tech
    • Coworking
    • Marketing
    • CRE
  • Podcast
  • Events
  • About Us
  • Solutions
    • Advertise | Media Kit
    • Publish a Press Release
    • Brand Pulse
Subscribe

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00