As a result, major employers like Condé Nast and JPMorgan Chase have given up office space, contributing to nearly 19 percent of Manhattan offices available for rent, according to Newmark, a real estate services firm, nearly twice as much. double the average rate over last decade.
About 28% of office workers in the New York City area, which includes parts of New Jersey, Connecticut and Pennsylvania, returned to the office last week, more than double what it was a few months ago, according to Kastle. Systems, a security company that tracks card swipes of employees in office buildings. Kastle says the national average is 33.6%.
Kate Lister, president of Global Workplace Analytics, a consulting firm that advises companies on their return-to-office policies, says that hybrid work will remain an enduring feature of the work culture. post-pandemic work.
Office space won’t go away, but, Ms. Lister added, “the total space will go down.”
However, elected officials in New York sought to see Google’s announcement as a sign of the city’s recovery.
“This announcement from Google is yet another proof that the New York economy is recovering and rebuilding,” Governor Kathy Hochul, a Democrat, said in a statement. “We are creating jobs, investing in emerging industries, elevating New Yorkers, and together, we are writing our comeback story.”
Mayor Bill de Blasio called the deal “a historic investment in New York City.” The transaction was first reported by The Wall Street Journal.
When the St. John’s opens after construction is completed in mid-2023, Google will have more than 3.1 million square feet of office space in New York, making it one of the largest rental companies in the city.