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Class A Office Tours Spike in NYC as Space Demand Remains Stable Nationwide
Despite new office demand remaining relatively stable nationwide in recent months, trophy and Class A office spaces, particularly in New York City, have accounted for an increasing share of tours, VTS reported Wednesday. This suggests a new demarcation between the spaces that continue to draw demand and those that flounder.
New York City’s share of office tours in Trophy and Class A office space has been gradually increasing over the past year. In February 2023, 81.6% of tours in New York City involved trophy and Class A office space, up from 76% a year earlier. That’s the highest rate since October 2022.
“We’re seeing that post-pandemic, much of the demand in New York City is centered around the most prime assets,” said Ryan Masiello, chief strategy officer of VTS. “Not all office spaces are created equal, and some are far more prestigious and in better locations than others.”
Pictured: SL Green’s One Vanderbilt in Midtown Manhattan.
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