December 22, 2021
Following the Leaders (
A message from Ben Blumenthal) -
As new variants born out of the COVID-19 pandemic continue to surface, the demand for New York City's office market has been undeterred. While data can always be manipulated to support the agenda of those reporting it, it's important to recognize what the most competitive and valuable companies in today's economy are doing.
From the outset of the post-pandemic conjecture, it's been key to focus less on what has been "said" and more on what has been "done" - namely with what many of the top tech companies have decided with respect to their office space.
Apple, Google, Facebook, Amazon, Microsoft, and many others have continued to make large-scale office commitments in New York City with an ever-increasing war for talent. Beyond the well-known household names of the public companies, NYC is also home to 80 Unicorns (private companies with a valuation of $1B+) with a cumulative value of $168B (see more here).
VC's also invested over $38B into NYC startups in the first 3 quarters of 2021, 154% greater than the prior record. These cash-infused companies are just one group in NYC's diverse economy that are hiring, investing in the city, and taking office space.
As more workers may already be back in the office than it appears, many landlords (with updated and attractive buildings) are expecting a very strong 2022 for NYC real estate.
I wish you all much success and prosperity in the coming year.
Best regards,
Ben
Ben Blumenthal
Principal Broker
Noah & Co.
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