The Real Estate Board of New York plans to release its first quarterly Analysis of Location Data — a measure of Manhattan office building physical occupancy — later in May. It won’t com…
The Real Estate Board of New York plans to release its first quarterly Analysis of Location Data — a measure of Manhattan office building physical occupancy — later in May. It won’t come a minute too soon., which we first reported, might bring some clarity to commercial real estate’s No. 1 talking point.
A preliminary report in February found that returns in 2022 were higher than claimed in the endlessly-quoted Kastle Back-to-Work Barometer, but did not cover early 2023 or offer much detail.Kastle continues to pop up in media coverage of “half-empty” offices despite its flaws. Pundits inclined to depict the office market in its worst light overlook that Kastle’s survey doesn’t include most of the city’s largest landlords, among them SL Green, Vornado, Brookfield, Boston Properties, Related Companies, Tishman Speyer and Rudin. Nor does it include headquarters towers owned by their users, such as Morgan Stanley and JP Morgan Chase.
A few major owners do use Kastle’s security system which provides the data — but not at their most important buildings, such as Durst’s One Bryant Park and Empire State Realty Trust’s Empire State Building.
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