"New data from commercial real estate firm JLL revealed a decline in vacant office spaces in the city, plus increasing rents and demand for office spaces during the first quarter of 2026, directly contradicting threats that Mayor Zohran Mamdani's ascent would lead businesses to relocate to states with lower tax rates."
"AI companies are renting at double the rate they did in 2025. But it's also thanks to corporations recommitting to the city, like Bank of America signing a lease for two decades in Midtown."
"It's evidence that perhaps the threats of people and businesses leaving the city are empty ones. It's also quite ironic, given that the jobs report released by the Bureau of Labor Statistics shows low wage growth nationally."
New data from JLL indicates a decrease in vacant office spaces in New York City, alongside rising rents and demand. AI companies are renting at double the rate of 2025, and corporations like Bank of America are committing to long-term leases. This trend contradicts fears of businesses leaving due to Mayor Mamdani's proposed tax hikes. Despite some companies considering moves, the overall evidence suggests that New York City remains a vital business hub, challenging the narrative of an exodus.
Read at USA TODAY
Unable to calculate read time
Collection
[
|
...
]