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Commercial property prices have declined by an average of 15% since a year ago, according to Green Street

Manhattan Commercial Revitalization Program Launched to Renovate Struggling Office Buildings 

The New York City Economic Development Corporation and the New York City Industrial Development Agency have launched the Manhattan Commercial Revitalization Program (M-CORE) to provide financial assistance through tax incentives to renovate commercial office buildings in Manhattan.  

The program is intended to reduce vacancy rates and attract world-class tenants to the area while also stimulating the growth of incubator and accelerator companies. The initiative is in response to the slowdown in investment in commercial office space as a result of the rise in interest rates, and the program aims to transform the outdated office buildings in New York’s business districts into high-quality, amenity-rich spaces.  

M-CORE will incentivize building owners to undertake necessary investments to improve their office spaces, and the program is estimated to generate between $750 million and $844 million in net benefit for the city. 


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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.