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.
RALEIGH, N.C. — The Carolina Hurricanes have signed goaltender Frederik Andersen to a one-year contract for next season, worth $2.75 million for the 35-year-old veteran.
General manager Eric Tulsky announced the deal Saturday, a little over 48 hours before his team starts the second round of the playoffs against the Washington Capitals.
Andersen could earn up to $750,000 in incentives for games played and his participation in a potential run to the Eastern Conference finals next season. He would get $250,000 for playing 35 or more games, another $250,000 for getting to 40 and $250,000 if the Hurricanes reach the East finals and he plays in at least half of the playoff games.
“Frederik has played extremely well for us and ranks in the top 10 all-time for winning percentage by an NHL goalie,” Tulsky said. “We’re excited that he will be staying with the team for next season.”
Andersen and the Hurricanes, the No. 2 seed in the Metropolitan Division, advanced past the New Jersey Devils in Round 1 last week. They will meet the Capitals, who won the division crown, for the right to make the NHL’s final four.
Extending Andersen could give the team a goaltending tandem with Pyotr Kochetkov for less than $6 million combined.
Anderson, a Denmark native who previously played for the Anaheim Ducks and Toronto Maple Leafs, has become coach Rod Brind’Amour’s most trusted option in net. He is expected to return to the starting role for Game 1 of the Capitals series after getting injured in the first round against New Jersey.
Sky News can reveal that the government has rowed back on a national compensation scheme for victims of child sexual abuse, despite it being promised under the previous Conservative administration.
Warning – this story contains references to sexual and physical abuse
A National Redress Scheme was one of 20 key recommendations made by the Independent Inquiry into Child Sexual Abuse (IICSA), but a Home Office report reveals the government has scrapped it because of the cost.
Marie, who is 71, suffered alleged sexual, physical, and emotional abuse at Greenfield House Convent in St Helens, Merseyside, between 1959 and 1962, and is still fighting for compensation.
Image: Greenfield House Convent, where Marie says she was abused
As soon as she arrived as a six-year-old, Marie says her hair was cut off, her name changed, and she experienced regular beatings from the nuns and students.
She claims a nun instigated the violence, including when Marie was held down so that her legs were “spread-eagled” as she was sexually abused with a coat hanger.
Merseyside Police investigated claims of abuse at the convent, but in 2016, a suspect died before charges could be brought.
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Marie has received an apology from the Catholic body that ran the home; she tried to sue them, but her claim was rejected because it was filed too long after the alleged abuse.
Image: Marie, 71, is still fighting for compensation for the abuse she says she suffered as a child
In February, ministers said the law would change for victims of sexual abuse trying to sue institutions for damages, which was a recommendation from the IICSA.
Previously, people had to make a civil claim before they were 21, unless the victim could prove a fair trial could proceed despite the time lapse.
Campaigners argued for the time limit to be removed as, on average, victims wait 26 years to come forward. Changes to the 1980 Limitation Act could lead to more people making claims.
Image: Peter Garsden, President of The Association of Child Abuse Lawyers
Civil cases ‘can take three to five years’
But Peter Garsden, president of the Association of Child Abuse Lawyers, worries that when it comes to historical abuse where the defendant is dead, institutions will still argue that it is impossible to have a fair trial and will fight to have the case thrown out of court.
Mr Garsden said it takes “between three and five years” for a civil case to get to trial.
He warned that claimants “can end up losing if you go through that process. Whereas the Redress Scheme would be quicker, much more straightforward, and much more likely to give justice to the victims”.
Victim awarded £10 compensation
Jimbo, who was a victim of abuse at St Aidan’s children’s home in Cheshire, took his case to the High Court twice and the Court of Appeal three times, but, after 13 years, all he ended up with was £10 for his bus fare to court.
Despite the Lord Justice of Appeal saying he believed that the abuse had occurred, Jimbo lost his claim because of the time limit for child sexual abuse claims to be made.
Neither Marie nor Jimbo is likely to benefit from the removal of the time limit for personal injury claims, which is why Mr Garsden is calling on the government to implement a National Redress Scheme for victims of sexual abuse, as recommended by the IICSA.
Hundreds of millions paid to victims
The governments in Scotland and Northern Ireland have set up compensation schemes and paid hundreds of millions of pounds to victims.
In 2023, the then Conservative government said a similar scheme would be organised for England and Wales.
But the Home Office admitted in its Tackling Child Sexual Abuse: Progress Update that it “is not currently taking forward any further steps on the IICSA proposal for a separate, national financial redress scheme for all survivors of child sexual abuse”.
“In the current fiscal environment, this recommendation is very difficult to take forward,” it added.
For victims, the scheme was the last chance of compensation for a lifetime blighted by abuse.
“The money is about justice and about all the other people who have had to suffer this abuse,” Marie said.
OKX founder and CEO Star Xu has publicly defended the crypto exchange after Tron founder Justin Sun accused it of failing to act on a law enforcement request to freeze stolen funds following a recent hack of Tron’s official X account.
“OKX also has consumers protection policy according to law, we can’t freeze a customer’s funds according to your personal X post or an oral communication. I think you should understand it as the CEO of HTX,” Xu said in an X post.
OKX says there is no communication in the spam box, either
Xu said that the crypto exchange had not received any related correspondence through OKX’s official channels. “Our LE cooperation team just checked the email, including the spam box; we haven’t received any request related with this case,” Xu said.
In what is now an unavailable X post, but was screenshotted by Xu, Sun had earlier claimed that OKX has not responded to a “freeze notice” sent to its official email address from a “relevant law enforcement agency.” Sun said that he had no other way to contact OKX’s compliance department.
“These stolen funds do not belong to me; I’m acting to protect the community,” Sun said. On May 3, Tron DAO told its 1.7 million X followers that its account had been compromised. Tron explained that during the breach, an unauthorized party posted a malicious contract address, sent direct messages, and followed unfamiliar accounts.
“If you received a DM from our account on May 2, please delete it and consider it the work of the attacker.”
In response to Sun’s claims of inaction, Xu publicly called on him to provide a screenshot showing when and where the law enforcement request was made.
The Tron incident is one of several recent security breaches involving high-profile crypto accounts on X.
Kaito AI, an artificial intelligence-powered platform that aggregates crypto data to provide market analysis for users, and its founder, Yu Hu, were the victims of an X social media hack on March 15. The hackers opened up a short position on KAITO tokens before posting that the Kaito wallets were compromised and advised users that their funds were not safe.