NYC office occupancy rates reaches 50% following COVID-19: data

[Kamaji]

NYC office occupancy rates reaches 50% following COVID-19: data

By Nolan Hicks
June 14, 2023

The glass is half empty or half full, depending on who you talk to.

The number of office key cards used in the Big Apple last week crossed the 50 percent threshold last week for the first time since the coronavirus struck more than three years ago, after weeks of it being stuck in the 40s, data collected by an office security firm shows.

The uptick — amid the soot-laden smoke shroud from Canadian wildfires that turned the skies orange and forced officials to recommend the public remain indoors — was a hopeful sign for city officials, who rely on office towers in Manhattan to provide billions in tax revenues every year.

“NYC just passed an important milestone: Last week for the first time since the pandemic in-person office occupancy passed 50% (and that despite the smoke from Canada),” tweeted the borough’s president, Mark Levine.

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Source:  https://nypost.com/2023/06/14/nyc-office-occupancy-rates-at-50-following-covid-19-data/

[Kamaji]

That still leaves a lot of room for companies with commercial leases to downsize their office space as those leases start to expire.  Given that commercial leases typically have multi-year terms, many of the leases that were in place during the covid nonsense are just now beginning to expire.