We’ve never seen anything like it before. New York City has always been a beehive of activity, with the busiest workers in the country pushing office hours to the limits.
More and more companies are prolonging their return to the office. No one ever expected to have this many people working from home for this amount time.
So companies are paying top dollar for office space that no one is using, and employees have been paying top dollar to live close to the office. Well, now the office is home…
Without a return timeline, city residents are moving to Hudson Valley, Pennsylvania, Westchester, Connecticut, Long Island, New Jersey, you name it. Renters are breaking leases, or renegotiating terms to afford a second place. This is putting stress on landlords while adding supply to the market.
The most interesting part is everyone seems to be getting very accustomed to this new lifestyle and in many cases prefer it! Have our work habits changed forever?
Until we get some clarity in the commercial sector, the entire real estate market will be caught in a world of uncertainty. Still, residential activity is picking back up and new listings increased 57% last week. Next month we should have better picture of where the residential market it headed.
Spotlight this month is on East End Avenue, New York’s private residential enclave!
