NYC doubles down on midtown office

Thursday, Sep 15th 2022

Commentary

Commercial real estate adapts to hybrid work

Titan's Takeaway: Support from institutions like these suggests that office spaces, particularly in global hubs like New York City, continue to attract investor interest despite a rocky several years for both workers and workplaces alike. We're excited about the future of commercial real estate, even with the hybrid model.

After the once-agreed-upon “return to office” didn’t happen like companies expected, office real estate has been in a state of flux. 

The data so far has shown that most employees don’t want to entirely work from home – they just want the option to. So it seems hybrid work is the way of the future. Does that mean that hybrid workplaces are, too? 

Regardless, developers are not shying away from new office projects; they just may look a bit different than they did in a pre-covid world. Just recently, the New York Governor doubled down on a plan to build ten commercial office buildings in the space surrounding Penn Station as part of a much larger project to revitalize the transit hub. The developments around Penn Station are led mostly by Vornado Realty Trust and is expected to total close to $12 billion in all for the project. 

Meanwhile RXR, a large developer, just received $1.3 billion in financing from backers including Morgan Stanley and Apollo for the renovation of an iconic Times Square  property. SL Green, NYC's Largest Commercial Landlord, has joined the development team as well. They also have tenants – Roku has signed a lease in the building and is expected to move in by year-end. 

Support from institutions like these suggests that office spaces, particularly in global hubs like New York City, continue to attract investor interest despite facing occupancy challenges throughout the pandemic. It’s evident that there is capital to be deployed, and that regardless if the way we work changes, one fact will remain true: people will still work, and they’ll want a place to go – even if it’s only three days a week.

We’re excited about the future of commercial real estate… particularly if it actually means being near Penn Station will actually be delightful.

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