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While Manhattan’s leasing volume in July was still 11.6% less than its 2019 average, this growth shows that activity is starting to pick up.

The hotel, which shuttered its operations at the beginning of the pandemic, will be converted into a 438-unit coliving facility that will feature apartments of various sizes.

The office exodus includes its corporate presence in San Francisco, where it will be leaving its Tenth Street space located near its headquarters.

Real estate accounts for around 40% of the world’s carbon emissions, indicating a need for significant changes to how the industry constructs and operates buildings.

While it is uncertain how tenants may approach their office take up in the face of an economic downturn, there are factors landlords can look at to prepare.

While analysts agree that a recession is imminent, some predict that this won’t lead to a mass exodus of tenants from offices.

The deal will allow JLL to sell HqO services, while the latter has acquired hybrid workplace app JLL Jet that will help expand its customer base.

Building owners have struggled to bounce back from the grips of the pandemic that sent billions of workers to operate from their homes.

The flexible office giant’s shares have been volatile in recent months due to various external factors, including disappointing stock performance across the board.

According to Kelly Glass, principal at Avison Young, professional services firms have been completing a large chunk of office deals as demand slowly rises.