![]() ![]() One of the plan’s components, the 421-g property tax incentive program, encouraged lower Manhattan property owners to convert functionally obsolete office buildings to residential uses. ![]() ![]() When New York City’s office market last faced significant pressures in the early 1990s, policymakers implemented a plan focused on lower Manhattan, which was the epicenter of the vacancy crisis. Many office buildings require significant investments to attract tenants and to comply with new building emissions requirements-cost pressures that come amidst flagging rents. Daily occupancy rates remain well below pre-pandemic levels due to the persistence of remote work. Office vacancy rates have doubled since March 2020, exceeding the previous record level set in the early 1990s. Economic changes brought on by the COVID-19 pandemic have left the future of New York City’s office market as uncertain as at any point in the modern era. ![]()
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