Adams Unveils Strategy to Revitalize NYC Office Space

New York City Mayor Eric Adams on Monday unveiled “Race for Space,” described as a comprehensive strategy to revitalize and reimagine office space across the five boroughs and double down on a commitment to bringing New York City’s economy back by creating thousands of new jobs. The initiative aims to attract both national and international companies to become anchor tenants, with an ambitious goal of backfilling 50 million square feet by the end of 2025.

“While New York City’s economy has hit record high jobs and labor force participation, Mayor Adams’ ‘Race for Space’ initiative takes decisive action against the ongoing challenge of vacant and aging offices, while building upon the success we have had so far,” said Andrew Kimball, president and CEO of the New York City Economic Development Corporation. 

The pillars of the initiative include the following:

• Launching a pilot “Relocation Assistance Credit for Employees” program (RACE), which will incentivize out-of-state companies to move to New York City and sign leases for at least 20,000 square feet at qualifying office buildings.

• Creating a new “International Landing Pad Network” to support growth-stage international companies in their expansion to New York City.

• Opening a new application round for the Manhattan Commercial Revitalization Program (M-CORE) program through May 1.

Pictured: 850 Third Ave. in Midtown Manhattan, an early participant in the city’s M-CORE program.