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Manhattan office leasing has busiest month of Covid era

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Manhattan office leasing has busiest month of Covid era

Companies still want a piece of Manhattan. Some 3.4 million square feet of office space was leased in August, the most since January 2020, when the first Covid cases began to pop up in New York City.

Notably, space in Midtown is steadily getting harder to find. More space was newly leased than became available in Manhattan’s central business district decreased for the sixth straight month, as was the case for Manhattan as a whole.

However, Midtown’s available office space has increased by 36 percent since March 2020. Modest compared to Midtown South (where it has more than doubled), Downtown (up ...

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Office occupancy in New York finally hits 40%

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Office occupancy in New York finally hits 40%

Finally, good news for New York City’s office landlords as office occupancy pushed past 40 percent for the first time since the start of the pandemic. The Kastle Back to Work Barometer increased to 41.2 percent; Kastle Systems measures office occupancy by entry into office buildings.

“This is good news for our city’s recovery as the presence of office workers in the central business district is critical for retail, restaurants and other storefront businesses hit hard by the pandemic,” ...

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Office occupancy hits pandemic high

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Office occupancy hits pandemic high

There have never been more office employees going into offices across the United States since the onset of the pandemic, but the in-office population is still less than half of pre-pandemic levels.

A record number of employees were back at the office for the week of March 30, according to Kastle Systems’ “Back to Work Barometer”. While that’s positive news for the office market, the level marked only 42 percent of pre-pandemic levels.

The share of workers back in the office was the highest in around ...

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Downtown Miami gets influx of firms, boosting apartment rental prices

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Downtown Miami gets influx of firms, boosting apartment rental prices

The downtown Miami office market continued to expand over the past year, despite the pandemic, increasing the number of people living close to work and boosting residential rents in the area.

Downtown added 17 new companies that opened offices between fall 2020 and June 2021, and they are expected to bring 1,835 jobs to the city in the next three years. In exchange, the firms are eligible to receive up to $150,000 each from the city over three years depending on the number of people they employ here.

The average rent for all ...

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Cuomo announces plan to get workers back to offices

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Cuomo announces plan to get workers back to offices

Gov. Andrew Cuomo is pushing a plan to get employees back in office buildings — and office landlords are on board.

In the second installment of his 2021 “State of the State” address, Cuomo announced that rapid testing would be used in state-designated orange zones to open office buildings, along with restaurants and theaters.

Cuomo said he will work with the real estate community to open hundreds of new “pop-up” rapid testing sites, where people can be tested before ...

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