Manhattan office market rebounds faster than rival cities as demand surges 40%

Published

1 year ago

February 2, 2024

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Manhattans pandemic-pummeled office market is headed for a spectacular rebound — and not only landlords, but business advocates and eatery owners are thrilled.

Although the Manhattan office market hit bottom in 2023 with more than 20% vacancy rate, the short-term future looks rosier, according to a new report from national real estate technology platform VTS.

Its latest quarterly Office Demand Index (VODI) found that demand for space in the Big Apple rose nearly 40% in 2023 over the previous year — lifting demand to 75% of pre-pandemic times.

By comparison, office space demand grew by only an average 19.6% around the US. The New York City market is the nations largest by far with nearly a half-billion square feet. Runner-up Los Angeles has only 317 million square feet and much-in-the-news Miami a mere 41 million square feet, according to brokerage CBRE.

VTS chief strategy officer Ryan Masiello said its data tends to lead the market by six to nine months.

Our prediction is that this year, New York City will break 30 million square feet of total leasing, the highest since before the pandemic, he said.

New York City saw nearly 43 million square feet of new leases, expansions and renewals in 2019.

Deals made in 2023 totaled 26 million square feet according to CBRE, which was 11% lower than in 2022.

The VTS numbers dont reflect actual new leases and expansions, but rather the amount of space that companies are seeking.

Its data is based on lease proposals, company visits to “kick tires” at office buildings and other types of information VTS gets from its client landlords, which Masiello said constitute 80% of the market.

CBRE tristate CEO Mary Ann Tighe commented that the VTS data affirm what our own research is seeing and what our brokers feel on the ground.

Kathryn Wylde, president of the Partnership for New York City business-advocacy organization, said the findings were consistent with anecdotal evidence from our members, many of whom are re-upping leases or moving to newly renovated or brand new spaces.”

She noted, Financial and professional services industries, which are our major office employers and tenants, account for an out-sized share of the tax revenues that fund municipal services.

Keeping those businesses and their employees in the city are not just good for our economy, but essential for the quality of life across all five boroughs.

Several deals that were in the works last year actually got done this week.

Sources told The Post that Barclays Bank renewed its lease for 1.1 million square feet at 745 Seventh Ave. Evercore, an investment banking advisory firm, added 95,000 square feet at Fisher Brothers Park Avenue Plaza, lifting its footprint there to more than 500,000 square feet.

Meanwhile, Blackstone, Jane Street Capital and American Express are among top-class tenants reportedly looking for large blocks of space to move or expand in Manhattan.

Experts attribute the renewed Manhattan energy to growing confidence that return-to-office is gaining steam as well as to a wider sense that the city is no longer a ghost town nor dangerous except in a handful of areas.

Dan Biederman, president of the Bryant Park Corporation and the 34th Street Partnership, noted, Our subways and suburban trains are much more crowded than last year. Just today, I almost got knocked over trying to get to the turnstiles at the Rockefeller Center station.

A leasing boom would also be great news for restaurants in business districts.

Marc Packer, a partner in Avra Group which owns three large Midtown restaurants, called the VTS forecast extremely important for the health of retail/restaurant business and the basic ecosystem of the city.

Dino Arpaia, owner of Cellini on East 54th Street, said that it might bring more employees to offices on the two days in the week when he said there are sometimes zero people at his restaurant.

He said the return-to-offices trend hasnt helped parts of East Midtown as much as it has other areas.

Its still missing on Mondays and Fridays, he said.

Politics

US Senate moves forward with GENIUS stablecoin bill

Published

3 hours ago

May 20, 2025

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US Senate moves forward with GENIUS stablecoin bill

The US Senate has voted to advance a key stablecoin-regulating bill after Democrat Senators blocked an attempt to move the bill forward earlier in May over concerns about President Donald Trump’s sprawling crypto empire.

A key procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed in a 66-32 vote on May 20.

Several Democrats changed their votes to pass the motion to invoke cloture, which will now set the bill up for debate on the Senate floor.

Republican Senator Cynthia Lummis, one of the bill’s key backers, said on May 15 that she thinks it’s a “fair target” to have the GENIUS Act passed by May 26 — Memorial Day in the US.

Government, United States, Stablecoin — *The US Senate voted 66-32 to advance debate on the GENIUS stablecoin bill. Source:* *US Senate*

The GENIUS Act was introduced on Feb. 4 by US Senator Bill Hagerty and seeks to regulate the nearly $250 billion stablecoin market — currently dominated by Tether (USDT) and Circle’s USDC (USDC).

The bill requires stablecoins be fully backed, have regular security audits and approval from federal or state regulators. Only licensed entities can issue stablecoins, while algorithmic stablecoins are restricted.

Several Democratic senators withdrew support for the bill on May 8, blocking a motion to move it forward, citing concerns over potential conflicts of interest involving Trump’s crypto ventures and anti-money laundering provisions.

The bill was revised soon after to receive enough bipartisan support to proceed to a vote.

Hagerty’s stablecoin bill builds on the discussion draft he submitted for former Representative Patrick McHenry’s Clarity for Payment Stablecoins Act in October.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Entertainment

‘I recognise the error and upset caused’ – Gary Lineker releases statement as BBC departure confirmed

Published

5 hours ago

May 20, 2025

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'I recognise the error and upset caused' - Gary Lineker releases statement as BBC departure confirmed

Gary Lineker has confirmed he is leaving the BBC after this season’s Match Of The Day and will no longer present its World Cup coverage.

It comes after the 64-year-old “apologised unreservedly” for sharing a social media post illustrated with a rat – which has been used to represent Jewish people in antisemitic propaganda, including Nazi Germany.

In a statement on Monday, Lineker said: “Football has been at the heart of my life for as long as I can remember – both on the pitch and in the studio.

“I care deeply about the game, and about the work I’ve done with the BBC over many years. As I’ve said, I would never consciously repost anything antisemitic – it goes against everything I stand for.

“However, I recognise the error and upset that I caused, and reiterate how sorry I am. Stepping back now feels like the responsible course of action.”

Analysis: BBC can breathe easier after Lineker leaves

Lineker said he deleted the post when he learned about the rat’s symbolism, adding he would “never knowingly share anything antisemitic”.

In a separate video posted to Instagram, the pundit added: “I’ve stood up for minorities and humanitarian issues and against all forms of racism all of my life, including, of course, antisemitism, which I absolutely abhor.

“There’s no place for it and never should be.”

He went on to thank the “brilliant, talented” people he has worked with and described his relationship with the BBC as “long and wonderful”.

He added: “But it’s the right time for the organisation and myself to go our separate ways.”

Lineker’s last appearance on the BBC will be on Sunday 25 May, the final day of the season.

What are the BBC guidelines on impartiality?

Gary Lineker signed a five-year deal with the BBC in 2020, under which he agreed to adhere to their impartiality rules.

The rules were then updated after his return to Match Of The Day in 2023.

The latest regulations say high-profile BBC presenters should be able to express their views on political issues as long as they stop short of campaigning.

It does not clarify what would constitute political campaigning for the big-name presenters.

The guidelines also stress the importance of “high standards of civility in public discourse”, which includes treating others with respect, even in the face of abuse and not using offensive or aggressive language.

The policy only applies to presenters outside of its news coverage. News presenters are still subject to stricter impartiality guidelines.

‘A defining voice in football coverage’

Also confirming Lineker’s exit, BBC director general Tim Davie said: “Gary has acknowledged the mistake he made. Accordingly, we have agreed he will step back from further presenting after this season.

“Gary has been a defining voice in football coverage for the BBC for over two decades. His passion and knowledge have shaped our sports journalism and earned him the respect of sports fans across the UK and beyond.

“We want to thank him for the contribution he has made.”

Alex Kay-Jelski, the BBC’s director of sport, said in an email sent to staff that it had been a “difficult” and “emotional” week.

He went on to say: “It is sad to be saying goodbye to such a brilliant broadcaster and I also want to thank Gary for his years of service. As ever, if you have questions, you know where I am.

“Let’s finish the season strongly with Gary’s final show, enjoy an incredible summer of sport and look forward with excitement to what lies ahead.”

Lineker announced in November he would step down from Match Of The Day this year, but was set to return to front the World Cup in 2026, as well as FA Cup coverage.

The former England star was temporarily suspended from the BBC in March 2023 after an impartiality row over comments he made criticising the then Conservative government’s asylum policy.

He will be replaced on Match Of The Day by Gabby Logan, Kelly Cates and Mark Chapman, who will share the presenting role from the next Premier League season.

Lineker has hosted Match Of The Day since 1999 and has been the BBC’s highest-paid on-air talent for seven consecutive years.

He joined the programme having started as a BBC Radio Five Live presenter, also working on the broadcaster’s former flagship sports show Grandstand during his early years in broadcasting.

The Leicester-born presenter is also the co-founder of podcast producing company Goalhanger, which makes the popular The Rest Is History series and its spin-offs about politics, football, entertainment and money.

His parting ways with the BBC also includes the licensing deal for Goalhanger podcast titles on BBC Sounds, which ends this year, the PA news agency reported.

Entertainment

BBC can breathe easier that fallout from Lineker’s social media won’t land at its door

Published

5 hours ago

May 20, 2025

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BBC can breathe easier that fallout from Lineker's social media won't land at its door

Did having a social conscience force Gary Lineker off the BBC? Or was becoming increasingly vocal politically just too problematic?

The former England captain was given an exemption, as a freelancer working outside of news and current affairs, from impartiality rules the BBC’s staff have to abide by – despite being the broadcaster’s highest earner at £1.35m.

That meant he was even handed BBC primetime coverage recently, in which he critiqued the BBC’s coverage of the Middle East conflict, disputing the news side’s decision-making.

Silence on Gaza, he claimed, equates to complicity.

And Lineker has sought to show empathy with those suffering in Gaza and the mounting Palestinian death toll from IDF strikes, which Israel says are targeted at Hamas.

He has, however, faced accusations of inconsistency by being silent on other conflicts in Sudan and Yemen.

And also for showing little public concern for hostages taken by Hamas during the terror of 7 October – including Emily Damari, a fan of one of his former clubs, Tottenham Hotspur.

Highly-selective commentaries have been shared, often from fringe groups.

And then came last week’s rat emoji, which appeared on an anti-Zionist post shared on Instagram, which Lineker reposted and said he later deleted when he learned about the rat’s symbolism.

Images of rats have in the past been used to represent Jewish people in antisemitic propaganda, including in Nazi Germany.

The incident produced an unprecedented apology from the ex-footballer, who said he was unaware of connotations offensive to Jewish people.

As BBC Director General Tim Davie said: “The BBC’s reputation is held by everyone, and when someone makes a mistake, it costs us.”

The lack of public response from the BBC to Lineker’s apology made his future seem increasingly untenable.

Now, three decades broadcasting on the BBC will end under a cloud of controversy rather than celebration.

Lineker is even freer to give opinions – particularly through his podcast empire – and many do want to listen to him and welcome his status being used to highlight the plight of the besieged.

But the BBC can breathe easier knowing the fallout from social media posts won’t land at the corporation’s door.