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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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Business

A pub a day to close this year, industry body warns as it calls for cut to tax burden

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A pub a day to close this year, industry body warns as it calls for cut to tax burden

An industry body has warned that the equivalent of more than one pub a day is set to close across Great Britain this year.

According to the British Beer and Pub Association (BBPA), an estimated 378 venues will shut down across England, Wales and Scotland.

This would amount to more than 5,600 direct job losses, the industry body warns. It has called for a reduction in the cumulative tax and regulatory burden for the hospitality sector – including cutting business rates and beer duty.

The body – representing members that brew 90% of British beer and own more than 20,000 pubs – said such measures would slow the rate at which bars are closing.

BBPA chief executive Emma McClarkin said that while pubs are trading well, “most of the money that goes into the till goes straight back out in bills and taxes”.

“For many, it’s impossible to make a profit, which all too often leads to pubs turning off the lights for the last time,” she said.

“When a pub closes, it puts people out of a job, deprives communities of their heart and soul, and hurts the local economy.”

She urged the government to “proceed with meaningful business rates reform, mitigate these eye-watering new employment and EPR (extended producer responsibility) costs, and cut beer duty”.

“We’re not asking for special treatment, we just want the sector’s rich potential unleashed,” she added.

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The government has said it plans to reform the current business rates system, saying in March that an interim report on the measure would be published this summer.

From April, relief on property tax – that came in following the COVID-19 pandemic – was cut from 75% to 40%, leading to higher bills for hospitality, retail and leisure businesses.

The rate of employer National Insurance Contributions also rose from 13.8% to 15% that month, and the wage threshold was lowered from £9,100 to £5,000, under measures announced by Rachel Reeves in the October budget.

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US

Gaza permanent ceasefire ‘questionable’, says senior Israeli official

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Gaza permanent ceasefire 'questionable', says senior Israeli official

A senior Israeli official has issued a less-than-optimistic assessment of the permanency of any ceasefire in Gaza.

Speaking in Washington on condition of anonymity, the senior official said that a 60-day ceasefire “might” be possible within “a week, two weeks – not a day”.

But on the chances of the ceasefire lasting beyond 60 days, the official said: “We will begin negotiations on a permanent settlement.

“But we achieve it? It’s questionable, but Hamas will not be there.”

Israeli Prime Minister Benjamin Netanyahu is due to conclude a four-day visit to Washington later today.

There had been hope that a ceasefire could be announced during the trip. US President Donald Trump has repeatedly stated that it’s close.

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Netanyahu arrives in US for ceasefire talks

Speaking at a briefing for a number of reporters, the Israeli official would not be drawn on any of the details of the negotiations over concerns that public disclosure could jeopardise their chances of success.

The major sticking point in the talks between Hamas and Israel is the status of the Israel Defence Forces (IDF) inside Gaza during the 60-day ceasefire and beyond, should it last longer.

The latest Israeli proposal, passed to Hamas last week, included a map showing the proposed IDF presence inside Gaza during the ceasefire.

Read more: What is the possible Gaza hostage and ceasefire deal?

Israeli military vehicles stand near the Israel-Gaza border, in Israel.
Pic: Reuters
Image:
Pic: Reuters

This was rejected by Hamas and by Trump’s Middle East envoy, Steve Witkoff, who reportedly told the Israelis that the redeployment map “looks like a Smotrich plan”, a reference to the extreme-right Israeli finance minister, Bezalel Smotrich.

The official repeated Israel’s central stated war aims of getting the hostages back and eliminating Hamas. But in a hint of how hard it will be to reconcile the differences, the official was clear that no permanent ceasefire would be possible without the complete removal of Hamas.

“We will offer them a permanent ceasefire,” he told Sky News. “If they agree. Fine. It’s over.

“They lay down their arms, and we proceed [with the ceasefire]. If they don’t, we’ll proceed [with the war].”

On the status of the Israeli military inside Gaza, the official said: “We would want IDF in every square meter of Gaza, and then hand it over to someone…”

He added: “[We] don’t want to govern Gaza… don’t want to govern, but the first thing is, you have to defeat Hamas…”

Smoke rises in Gaza after an explosion, as seen from the Israeli side of the Israel-Gaza border.
Pic: Reuters
Image:
Pic: Reuters

The official said the Israeli government had “no territorial designs for Gaza”.

“But [we] don’t want Hamas there,” he continued. “You have to finish the job… victory over Hamas. You cannot have victory if you don’t clear out all the fighting forces.

“You have to go into every square inch unless you are not serious about victory. I am. We are going to defeat them. Those who do not disarm will die. Those who disarm will have a life.”

On the future of Gaza, the official ruled out the possibility of a two-state solution “for the foreseeable future”.

“They are not going to have a state in the foreseeable future as long as they cling to that idea of destroying our state. It doesn’t make a difference if they are the Palestinian Authority or Hamas, it’s just a difference of tactics.”

Read more:
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Trump applying ‘heavy pressure’ on Netanyahu

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On the most controversial aspect of the Gaza conflict – the movement of the population – the official predicted that 60% of Palestinians would “choose to leave”.

But he claimed that Israel would allow them to return once Hamas had been eliminated, adding: “It’s not forcible eviction, it’s not permanent eviction.”

Critics of Israel’s war in Gaza say that any removal of Palestinians from Gaza, even if given the appearance of being “voluntary,” is in fact anything but, because the strip has been so comprehensively flattened.

Reacting to Israeli Defence Minister Katz’s recent statement revealing a plan to move Palestinians into a “humanitarian city” in southern Gaza, and not let them out of that area, the official wouldn’t be drawn, except to say: “As a permanent arrangement? Of course not.”

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UK

‘A constant game of cat and mouse’: Inside the police crackdown on illegal moped delivery drivers

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'A constant game of cat and mouse': Inside the police crackdown on illegal moped delivery drivers

The first thing you notice when immigration officers stop a possible illegal moped delivery driver is the speed in which the suspect quickly taps on their mobile.

“We’re in their WhatsApp groups – they’ll be telling thousands now that we’re here… so our cover is blown,” the lead immigration officer tells me.

“It’s like a constant game of cat and mouse.”

Twelve Immigration Enforcement officers, part of the Home Office, are joining colleagues from Avon and Somerset Police in a crackdown on road offences and migrants working illegally.

Police chase suspected illegal immigrant working as a delivery drivers

The West of England and Wales has seen the highest number of arrests over the last year for illegal workers outside of London.

“It is a problem… we’re tackling it,” Murad Mohammed, from Immigration Enforcement, says. He covers all the devolved nations.

“This is just one of the operations going on around the country, every day of the week, every month of the year.”

Murad Mohammed from Immigration Enforcement
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Murad Mohammed, from Immigration Enforcement, says his team are attempting to tackle the issue

Just outside the Cabot Circus shopping complex, we stop a young Albanian man who arrived in the UK on the back of a truck.

He’s on an expensive and fast-looking e-bike, with a new-looking Just Eat delivery bag.

He says he just uses it for “groceries” – but the officer isn’t buying it. He’s arrested, but then bailed instantly.

A man inspects the Just Eat food delivery bag of a suspected illegal immigrant working as a delivery driver

We don’t know the specifics of his case, but one officer tells me this suspected offence won’t count against his asylum claim.

Such is the scale of the problem – the backlog, loopholes and the complexity of cases – that trying to keep on top of it feels impossible.

This is one of many raids happening across the UK as part of what the government says is a “blitz” targeting illegal working hotspots.

Angela Eagle, the border security and asylum minister, joins the team for an hour at one of Bristol’s retail parks, scattered with fast food chains and, therefore, delivery bikes.

Angela Eagle, Minister for Border Security and Asylum
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Border security and asylum minister, Angela Eagle, speaks to Sky News

She says arrests for illegal working are up over the last year by 51% from the year before, to more than 7,000.

“If we find you working, you can lose access to the hotel or the support you have [been] given under false pretences,” she said.

“We are cracking down on that abuse, and we intend to keep doing so.”

A suspected illegal immigrant working as a delivery driver being arrested

There are reports that asylum seekers can rent legitimate delivery-driver accounts within hours of arriving in the country – skipping employment legality checks.

Uber Eats, Deliveroo, and Just Eat all told Sky News they’re continuing to strengthen the technology they use to remove anyone working illegally.

But a new Border Security Bill, working its way through Parliament, could see companies fined £60,000 for each illegal worker discovered, director disqualifications and potential prison sentences of up to five years.

“I had them all in to see me last week and I told them in no uncertain terms that we take a very tough line on this kind of abuse and they’ve got to change their systems so they can drive it out and off their platforms,” the minister tells me.

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The gig economy – so prevalent in every city – creates another incentive for those wanting to risk their lives coming to the UK illegally.

More than 20,000 migrants have crossed the English Channel to the UK in 2025 – a record number at this point of the year.

A suspected illegal immigrant working as a delivery driver holds his helmet

For some of those who arrive, a bike and a phone provide a way to repay debts to gang masters.

There were eight arrests today in Bristol, one or two taken into custody, but it was 12 hours of hard work by a dozen immigration officers and the support of the police.

As two mopeds are pushed onto a low-loader, you can’t help but feel, despite the best intentions, that at the moment, this is a losing battle.

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