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Avison Young: Vaccine Availability Will Shape Future of NYC Office

The future of New York City’s real estate market will depend heavily on the widespread availability of an effective COVID-19 vaccine along with much-needed government stimulus for the local economy, according to Avison Young’s New York 2021 Forecast Report.

By mid-November, only 17.3% of New York City’s employees had returned to the office, compared to 14.3% in San Francisco, the lowest occupancy level nationwide, and 42.2% in Dallas, the report showed.

“The office will continue to play a vital role in all aspects of business and the workplace experience must be able to support interaction and collaboration at a variety of scales for both the in-office and remote worker,” said Marisha Clinton, senior director of research, Tri-State. “In the future, great emphasis will be placed on creating an ‘X Factor’ workplace, one that attracts employees into the office, creating an engaging experience that provides connectivity and flexibility, while driving innovation.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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