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​​New York City Flight To Quality Report: Year-End 2022​

Lori Albert • 2/7/2023
The flight to quality in New York’s office market is not new but evolved during the pandemic to encompass different factors as employee work patterns shifted to an unprecedented hybrid-remote work model. In this report, we consider those changes along with some of the resulting impacts, from vacancy and rental levels to those submarkets seeing stronger demand as a result. 

Key findings from the report include: 

  • Building amenities, along with proximity to public transportation, are front and center as the most desired attributes tenants are seeking in quality office space today 

  • With those attributes most common among newer buildings, those developed since 2015 were the only segment of the market to record positive absorption in 2022 

  • The market has become increasingly bifurcated as the best quality buildings benefit from significantly lower vacancy rates and increasing rental premiums to the overall market 

  • Flight to quality is here to stay as hybrid work drives employers to create a more inviting, fulfilling working culture that supports the development and retention of talent.  
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