New REBNY report shows strong Manhattan office occupancy numbers

Published

2 years ago

July 20, 2023

admin

In the summer of 2022, the 1.7 million square-foot office tower at 787 Seventh Avenue was less than 20% occupied by employees of such tenants as BNP Paribas, Sidley Austin and Willkie Farr.

Aldo Sohm Wine Bar, a sister restaurant to three-Michelin-star Le Bernardin, struggled to draw a lunch crowd. But now, 787 Seventh is mostly full except on Fridays, according to CBRE power-broker Howard Fiddle, the buildings leasing agent.

They brought their people back midweek, Fiddle said. And Monday is picking up too.

Le Bernardin chef-owner Eric Ripert, whose restaurant is on the ground floor of 787, confirmed the welcome trend,which he termedgreat news for the wine bar in the building arcade.

The 787 Seventh office influx illustrates broad findings of the Real Estate Board of New Yorks new Manhattan Office Building Visitation Report, to be released Monday.

The data present a more optimistic and nuanced picture than what Durst Organization principal David Neil called certain gloomy headlines about the slow-but-steady office-return trend as more companies, especially in finance and law, bring their staff in at least three days a week — and others plan to make it four.

The REBNY study corrects the common misconception that current occupancy rates cited in surveys (including REBNY’s own and the oft-cited Kastle Systems Back to Work Barometer) are based on what many people believe were full offices before COVID hit.

However, REBNY points out, It would be inaccurate to define full recovery of the office market as returning to 100% occupancy — which it calls a goal line that never existed. In fact, pre-pandemic offices were only occupied by employees at 80% of their total capacity for around four days a week.

Attendance plummeted to under 10% of pre-COVID levels during the pandemic and has since rebounded — although not to 2019 levels. But how strong the recovery has been is open to interpretation.

REBNY used proprietary data from Placer.ai to measure a sample of 50 key Manhattan office buildings (Placier.ais algorithm identifies employees mobile-device visits). It found that employee office visits Tuesday through Thursday in the first five months of 2023 averaged 68% of 2019 levels — much higher than Kastles roughly 50% Manhattan estimate.

The numbers dropped on Mondays to 56% of what they were in 2019 and 37% on Fridays, according to REBNY.

A different REBNY metric called same-day comparison, which compares certain specific days such as the first Friday of April 2023 to the first Friday of April 2019, cited an even higher percentage of pre-pandemic attendance — 73%.

REBNYs director of market data Keith DeCoster, who wrote the report, said it makes even clearer that employee visitation rates continue to rebound strongly during mid-week days, while total office building visitation rates are also growing throughout the week, even amid hybrid work policies.

The total visitation data include visits to office building components such as stores, restaurants, galleries and medical facilities. The survey included them because office buildings have a bigger impact on the economy than offices alone, DeCoster said.

Fiddle strongly endorsed the REBNY findings.

I believe the return-to-office numbers are empirically up,” he said. “Nobody says theyre seeing fewer people in the office.

He noted that Midtowns Class-A properties are in a stronger position than in Midtown South or Downtown because financial and law firms want their people back.”

“Walk up or down Park Avenue and everythings full, Fiddle said.

Not so in other parts of Manhattan with tech and creative industries, which can more easily adapt to remote work.

Technology

CoreWeave CEO says Core Scientific ‘not a need to have’ as shareholder opposition to deal rises

Published

4 hours ago

October 21, 2025

admin

CoreWeave CEO says Core Scientific 'not a need to have' as shareholder opposition to deal rises

CoreWeave Inc. signage in Times Square in New York, US, on Friday, May 9, 2025.

Yuki Iwamura | Bloomberg | Getty Images

CoreWeave CEO Michael Intrator told CNBC Tuesday that the firm’s proposed acquisition of Core Scientific would be a “nice to have” rather than a necessity as shareholders prepare to potentially block the deal.

In July, AI cloud provider Coreweave proposed an all-stock deal valued at around $9 billion to buy the Bitcoin miner and data center firm, Core Scientific. Immediately after the news, Core Scientific’s stock price fell, plummeting nearly 18%.

The deal has received criticism with key proxy advisor Institutional Shareholder Services (ISS) recommending on Monday that shareholders vote against the acquisition. Core Scientific’s share price has conitnued to rise after the deal was announced which suggests some investors think that the company is valued higher than what CoreWeave has offered, ISS said.

Intrator said that he was “disappointed” by the ISS report and continues to believe that the deal is “in the long-term interest of Core Scientific shareholders.” However, CoreWeave will not raise the price of the offer.

“We think that the bid that we put out there for [Core Scientific] is a fair representation of the relative value of the two companies as an all stock deal,” Intrator told CNBC. “We are going to just kind of proceed as we have, in the event that the transaction does not go through. It is a nice to have, not a need to have for us.”

“Everything has a value, and the number we put out is the value we’re willing to pay for them under all circumstances,” Intrator added.

CoreWeave CEO calls Core Scientific a 'nice to have' amid rising opposition to the acqusition

Earlier this month Two Seas Capital, a major Core Scientific shareholder publicly opposed the acquisition saying that the price CoreWeave is offering is too low. Shareholders will vote on the deal on October 30.

“We see no reason why Core Scientific shareholders should accept such an underwhelming deal. Based on recent trading data, we see little evidence that they will,” Two Seas Capital said in a Friday letter to shareholders.

CoreWeave has aggressive pursued acqusitions this year to buy AI-related firms like OpenPipe, Weights & Biases, and Monolith as it looks to expand its product offering.

The company, which has built data centers and offers Nvidia-powered computing power to hyperscalers like Microsoft, has been riding the wave of artificial intelligence investments.

“We’ve been in acquisitive mode as we continue to build and extend the functionality of our company,” Intrator said.

US

Demolition work begins on White House East Wing for Trump’s £186m ballroom

Published

5 hours ago

October 21, 2025

admin

Demolition work begins on White House East Wing for Trump's £186m ballroom

Demolition on parts of the White House’s East Wing has begun in order to build Donald Trump’s new ballroom.

On Monday, builders were seen tearing down the facade of the building.

The US President, who insists the $250million (£186m) ballroom will be paid for by himself and donors, said in July it would not interfere with the existing landmark.

The East Wing was built at the beginning of the last century and was last modified in 1942.

Mr Trump said in July: “It will be beautiful. It won’t interfere with the current building. It won’t be – it will be near it, but not touching it. And pays total respect to the existing building, which I’m the biggest fan of. It’s my favourite.”

Mr Trump confirmed on Monday that ground had been broken on the project, despite lacking approval for construction from the federal agency that oversees such projects.

Photos of the demolition work showed construction equipment tearing into the East Wing façade and windows and other building parts in tatters on the ground.

He added that future parties would start with cocktails in the East Room, before they are taken into the “finest” ballroom in the country.

It will also boast views of the Washington Monument with room for 999 people, he added. Other estimates have claimed it will house some 600 people.

On his social media platform, Truth Social, he said: “Completely separate from the White House itself, the East Wing is being fully modernised as part of this process, and will be more beautiful than ever when it is complete!”

Trump has also claimed on social media that the project would be completed “with zero cost to the American Taxpayer! The White House Ballroom is being privately funded by many generous Patriots, Great American Companies, and, yours truly”.

Earlier this year, Trump said they have “wanted a ballroom” in the White House for 150 years.

“There’s never been a president that was good at ballrooms,” he said. “I’m good at building things and we’re going to build quickly and on time. It’ll be beautiful, top, top of the line.”

Since being in office, Mr Trump has made a number of changes to the White House.

He has hand-picked gold ornamentation for the Oval Office and has redone the Rose Garden.

A former Republican member of Congress, Joe Walsh, called the latest plans an “utter desecration”, and said if he became president would take “a bulldozer” to the ballroom.

Technology

CNBC Daily Open: More people want the new iPhone — and Apple shares

Published

5 hours ago

October 21, 2025

admin

CNBC Daily Open: More people want the new iPhone — and Apple shares

Apple CEO Tim Cook holds new iPhones during an Apple special event at Apple headquarters on Sept. 9, 2025 in Cupertino, California.

Justin Sullivan | Getty Images

Critics may sneer at the iPhone 17 Pro’s fluorescent orange finish, but Apple’s “Cosmic Orange” smartphone seems to be dazzling where it counts — in sales and shares.

The newest iPhone 17 series, which includes the base iPhone 17 and its overachieving Pro and skinny Air siblings — that come in colors other than orange, to be clear — has been outselling its predecessor in the U.S. and China, according to Counterpoint Research. In China, the iPhone Air reportedly sold out within minutes of going on sale, per the South China Morning Post.

Investors noticed. Shares of Apple popped nearly 4% on the news and closed at an all-time high. That must be welcome news for CEO Tim Cook and investors for a stock that’s been trailing its Magnificent 7 peers. That brings Apple’s year-to-date gains to around 5%, compared with Nvidia’s 36% and 25% for Meta.

Another member of the Mag 7, however, had a bumpy Monday. Amazon’s cloud arm, Amazon Web Services, suffered an outage that took down sites such as Reddit and Snapchat, plunging millions, including yours truly, into existential crises. Still, Amazon shares managed to climb around 1.6%.

U.S. markets also rose more broadly, with major indexes ending Monday in the green. This week, investors will be keeping their eye on the U.S.’ trade developments with China as well as earnings reports from companies such as Netflix, Tesla and Intel — a mix that could make the next few days almost as colorful as Apple’s latest phone.

What you need to know today

And finally…

Liquid cooled servers in an installation at the Global Switch Docklands data centre campus in London, UK, on Monday, June 16, 2025.

Bloomberg | Bloomberg | Getty Images

AI set to be a boon for emerging markets — but some investors aren’t convinced

“AI will change everything for emerging markets,” said Anton Osika, CEO and co-founder of Swedish startup Lovable, which allows others to create apps and websites via prompting, removing the need for technical knowledge.

However, AI doesn’t solve structural challenges faced by emerging markets. That means plenty of points of friction still exist, such as local funding availability and confidence that startups will secure revenue, according to Emmet King, managing partner and co-founder of J12 Ventures, an investment firm.

— Tasmin Lockwood