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Despite changing office space demand, companies are still eager to grow and strengthen culture, foster collaboration and ideation, and bring back a send of community. The hybrid model is here to stay, but it's not one size fits all.

After a challenging couple of years for Manhattan overall, Midtown South rents returned to pre-pandemic levels, ending mid-year at $77.50 psf/yr. This path to normalcy is being driven by commitments to new construction in Hudson Yards.

Despite a strong job market, fear of impending recession fueled by high inflation and tighter monetary policy is slowly starting to impact the Silicon Valley market, driving up the availability rate to 15.6%.

Decreased leasing in LA West throughout the pandemic was offset by steady demand from creative industry tenants, which currently have over 9.2 msf of new space requirements.