Post-Shutdown, Manhattan Office Will Continue But Evolve
The COVID-19 pandemic isn’t yet over, but already industry members are asking questions about the future of Manhattan office, reports Colliers International’s Franklin Wallach.
Among these questions: “Will people prefer to work from home? Will the trend toward densification end? Will new technologies be utilized in buildings to circulate air better, or alert the population about a person in a building with a fever?”
Wallach notes that the situation Manhattan office has faced in the past several weeks has been “unlike any other.” It’s driven by “a virus and the mandated shutdown of the economy in order to save lives.”
However, he adds that although additional waves of the pandemic are possible, “the government-mandated social distancing and shutdown will eventually come to an end.”
When it does, Wallach writes, “the 526-million-square-foot Manhattan office market will continue, but will also evolve—as it has always evolved—by historic and life-changing events.”
Get CRE News in 150 words For comments, questions or concerns, please contact Paul Bubny
