Survey says companies are staying in NYC

Great news: the vast majority of companies will remain in NYC
Get the rundown on commercial real estate in the Big Apple

CoreNet Global New York City released the results of their latest commercial real estate survey—and the findings couldn’t be more encouraging.

According to the study, more than 82% of responding tenants and landlords say they are not only ‘in the process of reopening parts of their global portfolios.’ They will also stay in New York City, despite the continued threat of the coronavirus pandemic.

For months, news headlines have painted a grim picture of what’s happening in the Empire City. From out-of-control protests to New York’s status as the center of the COVID-19 outbreak, the five boroughs have had some pretty bad press since the spring.

Now that September is here, businesses and their employees are itching to get back to work. In fact, many have already returned to the office. During those long months of lockdown and telework, owners have had plenty of time to re-strategize, secure proper personal protective equipment (or PPE), and set up a workable plan for safe social distancing.

Survey says: they’re staying

82%      NYC respondents who will begin to re-open their global portfolios
67%      Number of landlords and tenants who responded to the survey
95%      Businesses in NYC that are currently relying on social distancing
93%      Businesses in NYC that are planning to provide personnel with PPE
< 4%     NYC respondents who plan to set up satellite offices in the suburbs
< 8%     NYC respondents who say they are considering a satellite office

Survey stats reported in GlobeSt

From ghost town to rebound

New York City still has a long way to go. But for many residents, the last couple of months have been relatively back to normal.

More and more employees are reporting to the office in person. Businesses that shut down in the early months of the pandemic have reopened to the public. And according to locals, the number of vacationers has been rising.

“In June, an entire family could walk arm-in-arm through Times Square. In July, the Brooklyn Bridge was empty aside from passing bikers and joggers traveling between boroughs. In August, Bryant Park [was] quiet,” writes Morgan Hines of USA Today. But flash forward to today, and the majority of city dwellers are ready to rejoin society.

“Earlier in the summer as cases, hospitalizations, and deaths trended downward, New York began to open back up. Tourists are even returning—albeit slowly.”

Now that public confidence has returned, commercial real estate landlords and tenants are feeling more comfortable. Things will still be rough through 2021, but there’s still a chance to gain some stability through the autumn and winter.

If you’ve been hesitant to reopen your own portfolio, check out these top tips for safely shifting your operation from online to in-person.

3 Ways to Ensure a Successful Pandemic Reopening

1. Use technology to limit onsite personnel

According to CoreNet’s survey, over 50% of New York City businesses plan on using new technologies to help keep their workplaces safe. For many, this means keeping people at home in order to cut back on the number of employees in the office at any one time.

From virtual conferencing and project management apps to file sync and share, new technologies are cropping up each day. If it’s impossible to safely accommodate your staff, consider an every-other-day telecommuting schedule.

2. Regardless of industry, invest in PPE

Nowadays, personal protective equipment is necessary for everyone—not just doctors and nurses. To enhance safety and provide staff with peace of mind, do not reopen without amassing a healthy stockpile of PPE including masks, gloves, and hand sanitizer.

Globe Street reports that in New York City, “93% of businesses will be providing employees with PPE. However, anecdotally, office amenities will be severely curtailed as people return to work, and many companies are creating COVID-19 task forces to ensure oversight.”

3. Remember: one size does NOT fit all

Experts say that customization is key. It’s important for every building (or business) owner to develop a set of best practices for reopening. Depending on the nature of your operation, it may be necessary to invest in another temporary office; or, to simply up your game when it comes to cleaning.

“People want to get back to work in New York City, not in satellite offices, but they want to know they are going to stay healthy,” says Tommy O’Halloran, VP of Business Development at Structure Tone. “It will be incredibly important for companies to instill confidence in the safety of their offices.”

Everest says: we’re here to stay