New York City’s office occupancy price rose by greater than 10 share factors final month, marking the highest level it has reached because the pandemic started, in accordance with a brand new report.
The 5 boroughs’ common weekday office occupancy jumped to 46.1% between Sept. 14 and Sept. 21, up from 34.5% between Aug. 24 and Aug. 31, a report launched by Comptroller Brad Lander’s office this week stated, citing information compiled by property administration firm Kastle Systems.
Some 5 borough-based firms rolled again workers’ hybrid work schedules post-Labor Day, and the reopening of colleges allowed different employees to return to their workplaces, the report discovered.
What You Need To Know
- New York City’s office occupancy price rose by greater than 10 share factors final month, marking the highest level it has reached because the pandemic started, in accordance with a brand new report
- The 5 boroughs’ common weekday office occupancy jumped to 46.1% between Sept. 14 and Sept. 21, up from 34.5% between Aug. 24 and Aug. 31, a report launched by Comptroller Brad Lander’s office this week stated
- The metropolis’s seasonally adjusted unemployment price additionally noticed an uptick in August, in accordance with the report
But whereas the soar pushed the town’s occupancy price above these of Philadelphia, Chicago, Washington, D.C., Los Angeles, San Francisco and San Jose final month, it didn’t returned to the place it stood pre-pandemic, in accordance with the report.
The metropolis’s occupancy price nonetheless lagged behind charges in Houston, Dallas and Austin, the report famous.
“While many pandemic era trends have been reversed, increased rates of telecommuting persist: Google mobility data continues to show people spending more time at home, office occupancy remains well below pre-pandemic levels, office space available for rent in New York City remains elevated, and office rents have fallen,” the report stated.
The metropolis’s seasonally adjusted unemployment price additionally noticed an uptick in August, growing to six.6% from 6% in July, the report stated, citing information from the state’s Department of Labor. That enhance was fueled by a soar within the variety of New Yorkers on the lookout for work in a “strong labor market,” in accordance with the report.
Overall employment within the metropolis, nevertheless, “reached 97% of its pre-pandemic peak, led by job growth in health care and information technology,” Lander stated in an announcement.
At an unrelated news convention on Tuesday, Mayor Eric Adams known as engaging employees again to workplaces and attracting younger folks to entry-level jobs based mostly within the metropolis “a national issue.”
“Getting people back to work has been a challenge, and we’re going to continue to do that,” he stated. “Young people are looking for something different in their working environment. They’re looking for a good work-life balance. And I think there’s an adjustment period.”
“But New York is a place where people are going to continue to flock to,” he added. “We are extremely comfortable that this economy is going to continue to recover.”
In his assertion, Lander famous that “strong economic growth has brought us a long way since the dark days early in the pandemic, when many worried about whether businesses would reopen and residents would return.”
“Many indicators of economic and cultural life show the resilience of New York City,” he wrote.
