Dr. Gleb Tsipursky – The Office Whisperer
Nirit Cohen – WorkFutures
Angela Howard – Culture Expert
Drew Jones – Design & Innovation
Jonathan Price – CRE & Flex Expert
There is nearly 7 million square feet of available space across New York City as the real estate industry is still reeling from the ongoing health crisis.
This, along with the desire to adopt remote working policies, could see even more companies abandoning their office space and cutting down their real estate footprints.
Even major organizations like JPMorgan Chase, which is the city’s largest single office-space user, are adopting this approach. Just this month, CEO Jamie Dimon said the bank will cut down its commercial footprint, while it also builds a 2.5 million square foot headquarters tower.
However, some industry analysts are bullish that the office market will rebound, despite the massive vacancies caused by Covid-19.
“We’ve been here before,” said Douglas Durst, real estate developer. “People projected the end of office market. Some people were giving up space, but they came back.”
In fact, Durst said that tenant interest is growing and that he is in the process of leasing space and other negotiations.
While it’s clear that real estate experts have a tendency to be optimistic, Jim Costello, senior VP of Real Capital Analytics, believes that there is benefit to both remote working and in-person attendance.
