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The Downtown office market is in even worse shape than widely reported data indicate, according to several major dealmakers.

One of them, an industry legend not given to doom-and-gloom scenarios, told us that huge amounts of space are quietly up for sublease even at the World Trade Center and Brookfield Place Lower Manhattans best-performing properties.

Most brokerage firms cite FiDi-area availability including space currently vacant or soon to be — at between 20% and 23%, compared with around 16% uptown. But so-called shadow space cited by the market insider could raise the total much higher.

Not every building is in trouble. The districts grim overall data are skewed by two particular enormous properties Paramount Groups transitioning 60 Wall Street, where most of 1.6 million square feet are yet to be leased, and 111 Wall Street, an entirely empty 1 million square-foot address thats now in foreclosure.

But other struggling buildings are also on the downbound train, such as 40 Wall Street. The landmark tower is about 30% empty and its plight will likely worsen as the Trump Organization skyscraper is at risk of seizure by state attorney general Letitia James.

Even more vulnerable are Downtowns large number of pre-war, Class B-minus buildings that few tenants want at any rent and which cant easily convert to residential use.

Yet hope might be on the way. According to VTS, the national real estate technology platform that uses AI to monitor and interpret market office-space tours — look-sees by companies eyeing a move or expansion have recently been higher Downtown than in Midtown or Midtown South.

Lower Manhattan saw 40% more so-called tire-kicking visits in the months of December 2023 through February 2024 than it did between September and November 2023.

A 43% increase in tours month over month easily beat Midtowns 25% and Midtown Souths 11%, according to VTS. Much of the tenant interest Downtown was by companies seeking 50,000 square feet or more.

VTS chief strategy officer Ryan Masiello said, I think generally, companies are starting to realize were at the bottom of the market right now. More companies are exploring to try to take advantage of lower rents, especially downtown, he said.

But one highly accomplished downtown market-watcher was skeptical of VTS findings.

They can only be true if theyre including the smallest users. It definitely is not true of tenants looking for more than 20,000 square feet, the insider said.

Manhattan leasing in all submarkets hit the mute button in the first quarter, according to Savills which cited a dearth of large deals.

The first quarters 6.8 million sf of transactions was 6.6% lower than in the first three months of 2023, Savills said.

Interestingly, three of the largest office deals were renewals and/or expansions by major retailers — including for Michael Kors, Burlington Stores and David Yurman, which tallied a total of nearly a half-million square feet.

At least one major landlord saw some positive news. At SL Greens 485 Lexington Ave., four recent new leases and one renewal totalled 64,303 square feet.

Leasing director Steven Durels said, Our recent success at 485 Lexington confirms that well-located buildings are experiencing increased tenant demand.

In the two largest new leases, RSC Insurance Brokerage took 27,964 square feet on the entire 17th floor and Exponent, Inc., an engineering and scientific consulting firm, took 14,383-square feet on the 22nd floor.

Smaller deals include capital markets company William ONeil & Co. for 4,797 square feet and Graham Holdings Company signed for 3,006 square feet.

In addition, Tegna, Inc., a broadcast, digital media and marketing services company, renewed its 14,078-square-foot lease on the 27th floor.

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JPMorgan Chase unveils plans to build new £10bn ‘landmark tower’ in London – double the size of The Shard

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JPMorgan Chase unveils plans to build new £10bn 'landmark tower' in London - double the size of The Shard

Plans have been announced for a new “landmark tower” in London with double the floor space of Britain’s tallest building, The Shard.

JPMorgan Chase unveiled details of the proposed office block after banks escaped having their taxes raised in the budget earlier this week.

The US multinational bank said the new building in Canary Wharf, in the east of the capital, would have a floor space of three million square feet. The Shard, in London Bridge, covers 1.3 million square feet.

However, the final design of the tower, including its height, is still being finalised.

A spokesperson for the firm told Sky News that they hoped to have clarity “soon” on how tall the building would be and the number of storeys. But it is expected to be one of the biggest office blocks in Europe.

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JPMorgan Chase boss Jamie Dimon reportedly signed off on the plans late last week.

It came after Sir Keir Starmer’s business envoy Varun Chandra flew out to New York to personally “offer assurances about the government’s business-friendly policies,” the Financial Times reported on Friday.

The Shard is the tallest building in western Europe. Pic: Reuters
Image:
The Shard is the tallest building in western Europe. Pic: Reuters

The company also warned in a press release that its plans were “subject to a continuing positive business environment in the UK”, as well as planning permission from local authorities.

JPMorgan Chase said the project could contribute up to £9.9bn to the UK economy over six years, including by generating 7,800 jobs, many of them in the construction industry.

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The tower would house up to 12,000 people and serve as JPMorgan Chase’s main UK headquarters and its most significant presence in Europe, the Middle East and Africa.

The firm, which employs 23,000 people in the UK, said the tower would be “one of the largest and most sophisticated in Europe”.

The building is being designed by British architects Foster and Partners, known for landmarks projects including the new Wembley Stadium and London’s Millennium Bridge.

Mr Dimon said: “London has been a trading and financial hub for more than a thousand years, and maintaining it as a vibrant place for finance and business is critical to the health of the UK economy.

“This building will represent our lasting commitment to the city, the UK, our clients and our people.”

Mr Dimon added: “The UK government’s priority of economic growth has been a critical factor in helping us make this decision.”

Chancellor Rachel Reeves said she was “thrilled” about the announcement, while Mayor of London Sir Sadiq Khan said it represented a “huge vote of confidence in the capital’s future”.

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Israeli forces kill two Palestinian men in West Bank after they appear to surrender

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Israeli forces kill two Palestinian men in West Bank after they appear to surrender

Israeli forces killed two Palestinian men in the West Bank after they appeared to be surrendering.

Palestinians said the killings, which were captured on video and shown on two Arab TV channels, were carried out “in cold blood”.

In the video, the men were seen exiting a building and lying on the ground in front of Israeli forces in the northern West Bank city of Jenin.

Both men lifted their T-shirts and held their hands in the air, apparently to show they were not carrying weapons or explosives.

The soldiers then appeared to order the men back inside the building before they were shot.

A Reuters journalist in the area saw the men leave the building, appearing to surrender, and later, after hearing shots fired, saw Israeli forces standing near what appeared to be a lifeless body.

The men were identified as al Muntasir Abdullah, 26, and Yousef Asasa, 37, by Palestinian authorities.

Footage of the incident has been broadcast on Arab TV channels
Image:
Footage of the incident has been broadcast on Arab TV channels

What has Israel said about the incident?

A joint statement between the Israeli Defence Forces and Israeli police said: “Earlier this evening (Thursday), during an Israel Border Police and IDF operation in the area of Jenin, the forces operated to apprehend wanted individuals who had carried out terror activities, including hurling explosives and firing at security forces.

“The wanted individuals were affiliated with a terror network in the area of Jenin.

“The forces entered the area, enclosed the structure in which the suspects were located, and initiated a surrender procedure that lasted several hours. Following the use of engineering tools on the structure, the two suspects exited.

“Following their exit, fire was directed toward the suspects.

“The incident is under review by the commanders on the ground, and will be transferred to the relevant professional bodies.”

Israel’s far-right national security minister Itamar Ben-Gvir said the military and police unit involved in the shooting had his “full backing”.

“The fighters acted exactly as expected of them – terrorists should die!” he wrote on X.

A Reuters journalist captured images from near the scene. Pic: Reuters
Image:
A Reuters journalist captured images from near the scene. Pic: Reuters

‘An outright extrajudicial killing’

But Palestinians and human rights groups say Israeli investigations in such incidents yield few results, with Israeli troops rarely prosecuted.

The Palestinian prime minister’s office in Ramallah also accused Israel of executing the men “in cold blood”, calling the shooting “an outright extrajudicial killing in blatant violation of international humanitarian law”.

Yuli Novak, the executive director of B’Tselem, an Israeli human rights organisation, said: “The execution documented today is the result of an accelerated process of dehumanisation of Palestinians and the complete abandonment of their lives by the Israeli regime.

“In Israel, there is no mechanism that acts to stop the killing of Palestinians or is capable of prosecuting those responsible.”

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Israel’s military has scaled up its military operations in the West Bank since the October 7 Hamas attack, which triggered the war in Gaza.

Since October 2023, Israeli forces and settlers have killed more than 1,000 Palestinians in the West Bank, according to B’Tselem, which said the perpetrators were “granted full impunity by Israel”.

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Jordan Bardella: Meet the man who could become France’s next president

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Jordan Bardella: Meet the man who could become France's next president

Jordan Bardella has had a makeover.

Like many in the new generation of right-wing European politicians, he has a neat haircut and sharply cut suits – now add to that glasses and some light stubble.

It’s all designed to achieve two things: clean up a historically toxic and racist far-right brand, and disguise his youth.

Bardella is only 30 years old, he has little life-experience outside politics, but he will be the next president of France in 2027 if new polls hold up.

The rebrand is working. For the first time this week, French polling company Odoxa predicted Bardella would win the presidency whatever his competition.

Bardella has a strong social media presence – 1.2 million followers on Instagram, 2.2 million on TikTok. It’s attracting a youth following who identify with this young pretender.

Bardella attracts plenty of fans wherever he goes
Image:
Bardella attracts plenty of fans wherever he goes

“We find that he thinks about us, about future generations, and that he’s trying to improve things for us,” a young girl told us as she waited for Bardella to arrive at the latest stop on his national book tour.

“We really feel like he’s there for us.”

“Everything he says is really good,” her friend added. “He’s got a bit of humour as well.”

Neither are yet old enough to vote. They will be by the time the next elections come around, though.

There are plenty of youngsters drawn to Bardella's campaign
Image:
There are plenty of youngsters drawn to Bardella’s campaign

A platform for the presidency

Bardella’s new book, What The French People Want, is his snapshot of France today – told through the eyes of 21 ordinary French people, presumably carefully selected.

The collection of short stories paints a picture of a country that has drifted from its national identity. It is Bardella’s platform to campaign for the presidency in 2027.

We spent the day with him on his book tour (campaign launch) in the town of Vesoul in eastern France. It’s classic new National Rally territory.

The town has voted for the right-wing party in the last two elections, and its MP is another 30-something in the mould of Bardella.

“Sh*t, the enemy,” one person remarked when they overheard us speaking English. “Were you at the battle of Waterloo?”

Bardella's book release comes less than two years before the presidential election, due in spring 2027
Image:
Bardella’s book release comes less than two years before the presidential election, due in spring 2027

The reception Bardella got, especially among the young, was hysterical. For well over an hour as the rain started to fall, he was surrounded by a crowd shouting his name and barging their way into his line of vision for a valuable selfie.

Bardella took his time, flashing his smile for hundreds of photos, savvy enough to know that each one posted on Instagram or Facebook is free advertising for his campaign.

But not everyone’s a fan…

Vesoul is friendly ground for Bardella, but National Rally remains a toxic brand in many people’s eyes. Plenty of French do not want to see him become their next president.

As the light faded and Bardella moved from one market stall to another at the town’s annual fair he was suddenly attacked by a local schoolboy who threw flour at him.

Bardella was bundled into a nearby gazebo and quickly surrounded by advisers and security.

His assailant, a 17-year-old, was arrested and taken away by police who had otherwise been standing to one side as the circus rolled through.

Not everyone's a fan of the young pretender
Image:
Not everyone’s a fan of the young pretender

Bardella’s smart blue raincoat was now covered in white dust. The atmosphere turned as cold as the late November evening.

His security tried to stop us filming, flashing lights into our camera and physically threatening us as they escorted their man away through the now largely deserted market stalls.

“Next time I’ll beat you,” one of them shouted, wielding an umbrella.

Bardella’s social media channels would later make no reference to the incident. Follow him and watch them, and you would never know anything happened.

A short time later, cleaned up and in a change of clothes, Bardella was smiling again and posing for more selfies at a hotel in the town centre.

Has France had enough of ‘experts’?

Outside, hundreds waited in the cold and drizzle to get their copies of his book signed. The image of long queues around France is one that his social media team has pounced on.

Bardella has little to no experience outside of politics, having joined National Rally as a 16-year-old and dropping out of university. His youth and lack of another career is a criticism he dismisses with a well-rehearsed answer when I spoke to him between signings in a rare interview.

Bardella voting in last year's snap parliamentary elections, which have caused chaos in French politics. Pic: Reuters
Image:
Bardella voting in last year’s snap parliamentary elections, which have caused chaos in French politics. Pic: Reuters

“That’s an argument I hear often from my political opponents, but only when it suits them,” he says.

“When the mayor of New York is elected at 34, the left applauds. When Gabriel Attal becomes prime minister at 33, the right applauds.

“I don’t believe age is any guarantee of effectiveness. For 30 years, our country has been led by people we were told were experts: people from elite schools, people presented to us as the brightest minds in finance. We can’t exactly say the results have been outstanding.”

Detoxifying the brand

He, and the party, have tried to distance themselves from the openly antisemitic and racist views of its founder, Jean-Marie Le Pen.

Le Pen’s daughter, Marine, remains the party matriarch but is banned from running for office after being found guilty of embezzling funds earlier this year. She will appeal but if she loses Bardella is her chosen successor.

Marine Le Pen and Jordan Bardella. Pic: AP
Image:
Marine Le Pen and Jordan Bardella. Pic: AP

Bardella has visited the Holocaust memorial of Yad Vashem in Jerusalem and severed links with the extremist AfD in Germany. But he stills holds what many would regard as extreme views on immigration, classifying it as “a major emergency” and vowing to abolish “droit du sol” – the automatic birthright to French citizenship.

“All European countries, including the United Kingdom, are realising that immigration poses a threat to the major balances of society and to European societies as a whole, because it creates tensions, fuels insecurity, disrupts our identity, and places an economic and social burden on public finances,” he says.

Backing for Farage

I put to Bardella the prospect that in a few years, he could be president of France and Nigel Farage could be prime minister of the UK – two of Europe’s biggest powers led by far-right leaders.

“I have a lot of respect for Nigel Farage, for his fighting spirit,” Bardella replied.

“I think he’s extremely solid. He has never wavered in his determination to defend the interests of the British people first, and I truly wish for the UK that he becomes prime minister.

“That’s a personal view, I’m not trying to interfere.”

Reform's Nigel Farage - if you believe the polls, Britain's likely next prime minister. Pic: PA
Image:
Reform’s Nigel Farage – if you believe the polls, Britain’s likely next prime minister. Pic: PA

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Bardella has stopped short of proposing a “Frexit” but his views on the EU are clear, and Paris’s relationship with Brussels will undoubtedly change if he enters the Elysee Palace.

“Every time the European Union gets involved in something, it turns into a disaster,” he says.

“We handed agriculture over to the EU, it was a disaster. We handed energy over to the EU, companies are shutting down in France because energy prices and EU pricing rules have soared, especially since the start of the war in Ukraine. We entrusted immigration policy to the EU, again it was a disaster.”

He sees the UK as a major player in his vision for a reshaped Europe: “It is a great country, historically and geographically. I believe that in a Europe of nations, the UK would find a new role.”

And he is pro-Ukraine, telling me “a peace agreement cannot be made on Russia’s terms, because I do not underestimate, and no one should underestimate, President (Vladimir) Putin‘s intentions and ambitions”.

Bardella is capitalising on the dysfunction and deep unpopularity of Emmanuel Macron‘s administration. Four prime ministers in a little over a year have left the French public frustrated and disillusioned with the current leadership.

The country’s debt to GDP ratio is reaching crisis levels.

Bardella certainly presents something different and the French public, however sceptical, might just be fed up enough with the current generation of politicians to take a punt on him in 18 months’ time.

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