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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.

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Edmonton takes control over Stars: Game 3 grades, takeaways

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Edmonton takes control over Stars: Game 3 grades, takeaways

While fans in Edmonton and Dallas are always singing about how they have friends in low places, only one of them has the high ground in the Western Conference finals. And that’s the Oilers after their 6-1 win Sunday in Game 3 to take a 2-1 series lead.

With the series tied heading into Sunday, the objective for Game 3 was to gain a firm grasp of the conference finals, and the Oilers did just that by having five players with multipoint performances. As for the Stars, losing Game 3 left them trailing a series for the second time this postseason, with the only other such occurrence coming after Game 1 against the Colorado Avalanche in the first round.

Now that the Oilers are in control of the series, what does it mean for them going forward? What must the Stars do differently ahead of Game 4 for them to return home tied rather than a game away from elimination? Ryan S. Clark and Greg Wyshynski examine those questions while delving into what lies ahead for two teams that not only faced each other in the conference finals last season but between them have been involved in every conference final since 2020.

Edmonton Oilers
Grade: A

Much could change between now and whenever the playoffs end. But for now, the argument could be made that this was the most important playoff game the Oilers have had this postseason.

The Oilers have had numerous strong performances, such as Game 3 against the Los Angeles Kings in the first round or their final two games against the Vegas Golden Knights in the conference semifinals. But what made the Oilers’ performance in Game 3 against Dallas arguably their most important was that they found a balance between being difficult in the defensive zone while not relying on a shutout to accomplish that objective.

The Stars finished with 37 shots, 13 high-danger chances in 5-on-5 play and scored only once. Connor McDavid has repeatedly stressed that the Oilers can play defense, and that has been made clear over their past five games. But Sunday proved they didn’t need Stuart Skinner or their defensive structure to blank an opponent to win. — Ryan S. Clark

Dallas Stars
Grade: C+

The final score doesn’t reflect the majority of this game, which Dallas coach Pete DeBoer can mine for positives among the many (many) negatives and some mitigating circumstances. Having Roope Hintz warm up but not be able to go because of the foot injury he suffered from a Darnell Nurse slash in Game 2? That’s deflating. Having the on-ice officials miss a delay of game call on Brett Kulak in the first period only to have Evan Bouchard open the scoring 10 seconds later? Also deflating.

So it’s to the Stars’ credit that they got to their game at 5-on-5 in Game 3 better than they have in any game of the series, at least before Edmonton ran up the score in the third. The results weren’t there and a loss is a loss — and a loss by this margin is difficult to stomach — but their second period and the performances from some of their slumbering depth players give the Stars at least a glimmer.

However, there’s no question Edmonton has this thing in well in-hand and the Stars have to find a way to solve Skinner, which is not something I thought I’d be writing at this stage of the postseason. — Greg Wyshynski


Three Stars of Game 3

Two goals and an assist for his seventh career multigoal playoff game. Hyman’s second goal was the Oilers’ fourth off the rush, the most in one game by any team this postseason. Hyman also was plus-5 Sunday.

Bouchard scored his sixth goal of the postseason and these two were on the ice for the first two Edmonton goals. At 5-on-5 this postseason, the Oilers are outscoring their opponents 7-1, and 5-0 in this series, when Bouchard and Kulak are on the ice.

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Connor McDavid restores Oilers’ 2-goal lead

Connor McDavid finds the back of the net to restore the Oilers’ two-goal lead vs. the Stars.

3. Connor McDavid
C, Oilers

For all the talk about the lack of goals from the best hockey player in the world (which was odd because he had 20 points in 13 games and was a plus-7 entering Game 3 despite having only three goals), McDavid punched out a pair of tucks for his sixth career multigoal playoff game. Also, seeing McDavid with the puck barreling toward the net on a 3-on-1 is nightmare fuel for opponents. — Arda Öcal


Players to watch in Game 4

Zach Hyman
LW, Oilers

To go from 16 goals last postseason to just three goals entering Game 3 of the conference finals is one way to assess Hyman. Another is to realize that he’s been the most physical player on a team that is among the tallest and heaviest in the NHL.

Hyman came into Game 3 leading the NHL with 99 hits. He remained physical Sunday by leading the way with six hits in a game that saw the Oilers continue their punishing style with 47. But to then see Hyman score two goals and finish with three points in addition to that physicality? It once again adds to the narrative that the Oilers might not only have more dimensions than last year’s team, they could be better than the team that finished Stanley Cup runner-up in 2024. — Clark

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Zach Hyman’s 2nd goal puts Oilers up 4

Zach Hyman taps home his second goal of the game to put the Oilers up 5-1 vs. the Stars.

This is the first two-game losing streak for the Dallas goaltender in the playoffs. A lot of what happened in Game 3 wasn’t necessarily on him — a Connor McDavid beauty and a Zach Hyman breakaway were among the Edmonton tallies — but outside of the third period of Game 1, he’s not been a difference-maker in this series. Oettinger came into the game leading the playoffs with 5.58 goals saved above expected, according to Stathletes. The Stars have been able to depend on him as a slump-breaker. But this is his third game with a save percentage south of .900 in the series. As the Stars try to build on some positives from this game, they need Otter to provide the foundation for it — and in the process, silence those “U.S. backup!” chants from the Oilers fans. — Wyshynski


Big questions for Game 4

Are the Oilers about to do to the Stars what they did to the Golden Knights?

Simply put, the Oilers are where hope goes to die. Teams in a championship window that have yet to win a title are always being judged on their evolution. What the Oilers did to the Stars a year ago in the conference finals by winning the last three games showed that they could close out a series after trailing. This postseason Edmonton has shown a calculated and methodical coldness when it comes to putting away opponents.

The Golden Knights won Game 3 on a last-second goal to create the belief they may have found an opening. They didn’t score again for the rest of the playoffs after being in the top five of goals per game throughout the regular season. Breaking out for six goals to open the series seemed to be a sign the Stars may have found an opening. Since then? They’ve scored only once in the last six periods while facing questions about what’s happened to another team that went from being in the top five in goals per game in the regular season. — Clark

Can Dallas make Edmonton uncomfortable at all?

Our colleague Mark Messier made this point between periods of Game 3: The Stars have yet to do anything to get McDavid or Leon Draisaitl off their games. That extends to the rest of the Oilers. Outside of an anomalous run of three power-play goals in the third period of Game 1, there have been precious few instances of the Stars carrying play for long stretches or putting a scare into Edmonton at 5-on-5.

They had that for a bit in Game 3 with a dominant second period: plus-14 in shot attempts, plus-11 in scoring chances and a 10-1 advantage in high-danger shot attempts. But they were digging out of a 2-0 hole, only managed to get one goal of their own on the board and then McDavid stuck a dagger in them with 19 seconds left in the second.

The Stars need a lead. They need zone time. They need to get their rush game going: Skinner had a .897 save percentage on shots off the rush entering the game. Edmonton is playing with a champion’s confidence. Dallas has to find a way to inject a little doubt into its opponent or this series is going to end quickly. — Wyshynski

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U.S. wins 1st worlds in 92 years, honors Gaudreau

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U.S. wins 1st worlds in 92 years, honors Gaudreau

STOCKHOLM — Buffalo Sabres star forward Tage Thompson scored the winner 2:02 into overtime, and Team USA outlasted Switzerland 1-0 in the final of the ice hockey world championship at Avicii Arena on Sunday.

It is the first on-ice trophy for USA Hockey in this tournament in 92 years, after the Americans brought it home back in 1933. And it was an emotional one. As Team USA posed for its championship photo at center ice, players held up a No. 13 jersey of Johnny Gaudreau, the former NHL and USA Hockey star forward who died tragically last August when he and his brother, Matthew, were hit by an allegedly drunken and enraged driver as they cycled at night in New Jersey.

Thompson, who had 44 goals and 72 points with the Sabres this season, is hoping to polish off his resume for a spot on the U.S. roster for the 2026 Olympics, and he’s off to a great start. A Team USA reserve for the 4 Nations Face-Off in February who did not suit up, Thompson made the most of his time playing with a host of young NHL forwards who either did not make, or have been eliminated from, the Stanley Cup playoffs.

Thompson’s shot, off passes from Utah Hockey Club forward Logan Cooley and Nashville Predators defenseman Brady Skjei, flew past the blocker of Swiss goaltender Leonardo Genoni, ending a dramatic but tight title game. Team USA outshot Switzerland 40-25.

Boston Bruins goaltender Jeremy Swayman capped off the shutout in the final, finishing with 25 saves a year after his NHL teammate, David Pastrnak led the Czech Republic to this same title.

“We did it, the wait is over,” Swayman said in a post to USA Hockey fans on the organization’s social media platforms. “Thanks for sticking along with us. It’s going to be a great summer.”

The Americans were also formally awarded the title in 1960 when they won the Olympic tournament and the worlds did not take place. But they hadn’t won it on the ice in more than nine decades.

The Swiss played without injured star center Nico Hischier, the captain of the New Jersey Devils. After the loss, Genoni was named the tournament’s MVP.

Earlier Sunday, Sweden defeated Denmark 6-2 in the bronze medal game. Calgary Flames center Mikael Backlund and Minnesota Wild forward Marcus Johansson scored two goals each for the hosts, marking the second-straight third-place finish for Sweden. The fourth-place result was the best-ever finish for Denmark.

The Associated Press contributed to this report.

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Oilers ‘reset,’ handle Stars for 2-1 series lead

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Oilers 'reset,' handle Stars for 2-1 series lead

EDMONTON, Alberta — Zach Hyman had two goals and an assist, Connor McDavid also had a two-goal outing and the Edmonton Oilers took a 2-1 lead in their Western Conference final series with a 6-1 victory over the Dallas Stars on Sunday.

Evan Bouchard, with a goal and an assist, and John Klingberg also scored for the Oilers. Ryan Nugent-Hopkins added three assists.

Stuart Skinner made 33 saves in the Edmonton net to improve to 4-4 in the postseason this year, his first victory in the playoffs that wasn’t a shutout.

“We had a bit of a dip, they had a bit of push,” Nugent-Hopkins said of the Stars’ play in the second period, lauding Skinner for keeping the team in it. “He stepped up big time for us, and made some big saves. You need your goalies to do that.”

The Oilers have won two straight since their third-period collapse in Game 1 in Dallas, and improved to 10-3 in the postseason since dropping the first two games of their first-round series vs. the Los Angeles Kings.

Jason Robertson scored for the Stars, who are hoping to avoid being knocked out in the third round by the Oilers for a second consecutive season.

“They were definitely the better team in the second period,” Skinner said of the Stars. “And we kind of knew that going into the third. So, we just had to reset.”

Jake Oettinger stopped 18 shots in Dallas’ net, falling to 5-10 in his career in West final contests.

Game 4 will be in Edmonton on Tuesday.

The Associated Press contributed to this report.

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