The planned movement of the GOODWIN Law firm from the New York Times building on Avenue Tighth to 200 Ave. of FIF BXP in Flattery say a lot about today’s trade market.
The relocation at the end of 2026 represents only modest short-term growth-from 216,000 square meters to its old dams at 250,000 square meters-but the deal includes expansion options in the building. The firm’s movement is a belief blow to the once drowsy Midtown, where a SL Green Madison is now the home of IBM and Franklin Templeton in New York.
Welcome to the powerful, ever -evolving market of Manhattan office in 2025. Although saddled with many old buildings and a reluctant lending environment, it is in a much better place than doomsayers dreamed of five years, or even two years.
A Newmark study this month found that the recovery of Manhattan’s office has “challenged the national narrative” – that is, it blocked other major US cities in both volume and percentage.
Data from CBre, Cumenan & Wakefield, Jll, Newmark, Savills, Colliers and Avison Young vary with a half percentage point here or there, but all found the first quarter of 2024 the most rental record since the fourth quarter of 2019 plus the square meters.
The availability rate fell to about 17%, the lowest in five years. It was below 15% in Midtown Prime and under 10% in Park Avenue.
The five largest rents of the first quarter were all over 300,000 square meters. And – wait for it! -The search for the physical office, still regarded by some as a sacred grail though most of the large owners now say that the work -The house is “in the back of the view”, continued to set up it. The New York City partnership found participation in March office in 76% of pre-fandemia levels, compared to 72% last year.
But five years since the Pandemia’s horror was fully held, it’s worth looking at how the prisoners of the moment’s media bodies saw the future of the Manhattan and New York City market market.
The New York Times, who never found a perceived threat to the free enterprise he disliked, had this to say on May 12, 2020:
Pandemic crisis felt “fundamentally different” than 9/11. “Companies are not only considering how to safely bring employees, but if everyone has to go back at all.”
In 2025, the C-SUITE Honchos are calling their bodies back to their drive drives.
Times defeated “Ghost Town” again the drum again on September 8, 2020, when he claimed that corporations were “showing even more reluctance to carry out the city for a long time.”
Say this for Citadel, Blackstone, Bloomberg, Alphabet and Amazon, which have shown greedy appetite for more space here since the end of the infamous 2020 blockage.
Recently in April 2023, when the market showed an early incitement to a rebellion, a Times title mentioned a “gloomy perspective on Manhattan’s office space”.
Not only left the left they anticipate a trading deletion. Peggy Noonan of Wall Street Journal wrote on February 25, 2021, under the cheerful title “The Old New York will not return”, “Midtown office towers are empty”. It continued that “other people will return to the office of the office to some extent”, “the shops locked inside and around the train stations and office buildings are not returning.”
In fact, retail space in or near Sixth Avenue, Brookfield Place, Moynihan Train Hall and Fulton Transit Center is drawing more shops and restaurants than in the past – including WSJ’s and New York Post home in 1211 Ave Ave., where new hotels and restaurants are almost.
Non -profit body City title in May 2023, “City economy is healing. The office market is not.”
And who can forget the 2023 cycle “Doom Loop?” This essay, cited by a Columbia University researcher, claimed that work from home wrote a “real estate apocalips” that would inevitably collapse the New York City Municipal Treasury.
Today we have a new Bogeyman: President Trump’s fees. We can panic how they will leave Big Apple owners in a worse pickle than they seemed to be five years ago.
Maybe they will. But don’t pay attention until the dust is resolved – which if the last story tells us nothing, it is soon or later.
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Image Source : nypost.com