Concessions Offered to Lure Office Tenants are Eating Away at Landlords’ Income
A growing spread between starting and effective rents illustrates how office landlords — even among coveted Class A buildings — are seeing their rental income eroded as the office market remains squarely in favor of tenants.
How ChatGPT Could Change Commercial Real Estate
Brokers are turning to the bot developed by artificial intelligence firm OpenAI to assist with everyday tasks. The free technology produces conversational answers to inquiries rather than responding to questions and scraping the internet for search results.
Gparency’s Ira Zlotowitz says that the bot will ultimately close the knowledge gap among brokers and further emphasize the importance of personal connections.
How One Manhattan Firm’s Office Reflects Big Changes in the Legal Industry
One could be forgiven for thinking the workplace of Katten Muchin Rosenman LLP was a restaurant rather than a law office.
The 140,000-square-foot space — all of the fifth, sixth, seventh, eighth and 10th floors, and about two-thirds of the ninth at 50 Rockefeller Plaza — boasts a warming kitchen, where one can get everything from a cup of coffee to a full meal, not to mention plenty of places to sit down and eat with your food, both inside and out, plus grab-and-go pantries on each practice floor The offices, designed to serve the needs of some 160 attorneys as well as staff, represent corporate legal representation at its most up to date.
Big Tech’s Downsizing Spells Office Market Retreat
Some of the sector’s biggest names have been shedding office space across the country, subletting unwanted floors, and pausing construction on developments they spearheaded, the Wall Street Journal reported. The much-feared culprit of work-from-home policies has been replaced with another frightening omen: downsizing.
Meta, Lyft, Salesforce, and Other Tech Firms Dump Office Space as They Downsize
The big technology companies that drove U.S. office demand for years as they expanded their empires are now canceling leases and flooding business districts with office space as they downsize.
Facebook owner Meta Platforms Inc., Lyft Inc., Salesforce.com Inc., and other tech companies are shedding millions of square feet of office space in San Francisco, Silicon Valley, New York, Austin, Texas, and elsewhere. Amazon.com Inc. stopped construction on new office buildings in July amid a hiring freeze and is now preparing to lay off thousands of workers.
More New York City office workers are taking a page from students heading back to school, packing up for returns of their own.
Between Aug. 29 and Sept. 12, 49 percent of workers returned to their desks, according to a survey reported by the Commercial Observer. The report is based on 160 major Manhattan employers conducted by the Partnership for New York City and the Metropolitan Transportation Authority.
Wall Street Banks Lead Return-to-Office With Labor Day Push
After Labor Day, it’s back to the office for Wall Street.
Big banks, including Goldman Sachs Group Inc. and Morgan Stanley, are clearing the final hurdles for full-time, in-person work and once again reminding employees that they’re wanted in the office. After a few false starts, there’s a sense that this time it’s for real.
Google Boss Says He’s a Believer in NYC Offices
Google’s chief executive, Sundar Pichai, said he’s optimistic about the company’s prospects in the Big Apple, where it expects to continue growing its presence, Crain’s reported. “I’m personally long-term bullish on our growth in New York as a company,” Pichai told the publication. “And we would do that only if we’re optimistic to access to tech talent and being able to scale up.”