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Signs New York Office Market Is Heating Up

Posted by Melvin Monachan | Oct 28, 2021 | 0 Comments

Vaccines Facilitate Office Returns

Dow Jones & Company's news magazine Barron's, a particularly prominent financial media outlet, sees New York City's office market heating up. The Barron's story indicates that Goldman Sachs recommends that its clients buy call options on real estate investment trust SL Green. SL Green is New York City's largest office landlord. SL Green's holdings arguably make it the best positioned to benefit from a strengthening New York City office market. Buy low, sell high. Barron's sees the office resurgence coming.

The cause of the City's emerging office resurgence seems fairly obvious: vaccines have tamped down COVID-19 to the point that firms are recalling remote workers. Remote work may not be the future, after all, a recent Bloomberg article indicates. Yes, employers have learned the value of flexible work arrangements. And yes, many workers aren't quite ready to give up remote work. But as Netflix's chief talent officer says in the Bloomberg article, wonderful things can happen when humans get together. SL Green isn't losing office tenants, the Barron's story indicates, even though heavily negotiating office rates remains the pandemic's lingering effect.

What a Resurgence in the City's Office Market Means

The Barron's story hints at one thing the City's strengthening office market could mean. SL Green stock is already up around 29% this year. That's a huge jump already, and Goldman sees more such room to run. As the City's office market continues to recover, it may fuel more such leaps, whether in REIT shares, lease rates, or sales prices. Markets are markets with both bulls and bears. And just as the bears roared early in the pandemic, the bulls may soon roar as the City's office market surges back. Good to prepare for the bears, but good to prepare for the bulls, too. Now may be an especially advantageous time to negotiate a lease or sale before things really heat up.

Retain a Skilled Attorney for Your New York City Closing

If you need a skilled attorney to help negotiate and close a lease or sale of New York City office property, consult New York/New Jersey real-estate lawyer Melvin Monachan. Melvin Monachan helps residential and commercial clients with closings, evictions, foreclosure defense, and other workouts. Melvin Monachan's goal is to help you achieve personal, financial, and business success in the City's real estate markets. Call (347) 389-1682 or go online for an appointment with the industry-focused, relationship-driven Law Offices of Melvin Monachan, PLLC.

About the Author

Melvin Monachan

Melvin Monachan is the founder of The Law Office of Melvin Monachan, PLLC, a full service, real estate law firm representing individuals, investors and corporate entities in all aspects of real estate law. On the transactional side, Melvin represents purchasers and...


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