Business Columnists

Remote Work Pullback and Improving Manhattan Economy Boost NYC Office Market

New York City and Miami have been leading the return-to-office trend, closing their post-COVID-19 pandemic office visit gaps.
Remote Work Pullback and Improving Manhattan Economy Boost NYC Office Market
Office buildings in New York City on March 4, 2021. Spencer Platt/Getty Images
Panos Mourdoukoutas
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In a sign of recovery in the New York City borough of Manhattan, office real estate is once again drawing the interest of investors.

In August, real estate investment firm RXR announced the purchase of a 42-story, Class A skyscraper at 590 Madison Avenue for approximately $1.1 billion, the highest-priced deal since Alphabet paid $2.1 billion to acquire the 550 Washington Street building.

Panos Mourdoukoutas
Panos Mourdoukoutas
Author
Panos Mourdoukoutas is a professor of economics at Long Island University in New York City. He also teaches security analysis at Columbia University. He’s been published in professional journals and magazines, including Forbes, Investopedia, Barron's, IBT, and Journal of Financial Research. He’s also the author of many books, including “Business Strategy in a Semiglobal Economy” and “China's Challenge.”