A new report, NYC: HQ of the World – State of the Market, unveils how New York City is transforming the global workplace landscape, setting the standard for the future of commercial real estate. The report, based on insights from 15 industry leaders and extensive market data, highlights key trends shaping the city’s office market, including the rise of hybrid work, the flight to quality, and the rapid adoption of smart building technologies.
“New York’s strength has always been its ability to attract talent,” explains Kristen Edgreen Kaufman of the Carnegie Council for International Affairs. “A-team players always want to be with other A-team players.” This enduring magnetism is reflected in the report’s findings, with sectors like healthcare, information, and professional services experiencing double-digit employment growth since 2019.
The written report is paired with a 30 minute documentary, detailing extensive interviews and discussions with 15 experts from across the commercial real estate and workplace sector.
Key Findings from the Report:
“The future of the workplace will be built upon technology enablement,” says Peter Miscovich of JLL. “We’ve come to a new threshold with the introduction of generative AI and artificial intelligence. We forecast that AI enablement and future technology enablement will make the workplace smarter, much more intelligent, much more human centric.”
The report and documentary emphasizes that success in this evolving market depends on creating workplaces that offer more than just a desk. From wellness amenities to cutting-edge technology and sustainable design, the most desirable offices now prioritize experience, efficiency, and environmental impact.
A Market in Transition, A City That Leads
Despite ongoing challenges, New York’s resilience remains unmatched. As Julia Hobsbawm explains, “this is a moment of transition. And the one thing I’d say about New York is New York does transition and turbulence and change so well.”
With leasing activity totaling 23.1 million square feet in 2023—still 34% below the previous decade’s average but trending upward—the market shows signs of stabilization. As Vijay Jesrani of JLL puts it: “New York survived everything. We survived September 11th, the pandemic… We’re always going to survive and thrive.”
Download the full report here: https://connect.smartspaces.app/state-of-the-market-report
Watch the documentary in full here: https://youtu.be/sOZP9LmmD14
Media Contact:
Correy Faccini
Head of Marketing
Smart Spaces
+44 7903879469
About Smart Spaces
Smart Spaces is the multi-accredited and award-winning smart building operating system. Its cloud-hosted Smart Building Platform powers 100 million square ft. of commercial real estate. The world’s leading real estate and occupier brands utilise Smart Spaces technology across a portfolio of alpha-class buildings in prime global locations. The software is currently in 26 countries and growing, it scales with your organisation’s needs and is compatible with all major languages.
Rated to Smart Score Platinum, Smart Spaces connect your access control, lifts, HVAC, lights, IoT sensors and more, to provide integrated controls and reporting via a single pane of glass dashboard. The provision of interactive 3D modelling and a workplace app for the building community ensures a world-class smart building experience.
Smart Spaces continually invests in R&D and innovation, bridging the physical and digital and is the world’s leading white-label Smart Building Employee-Engagement App. Functionality includes live meeting room and desk booking with community, communications, smart controls, facility management tools and digital twin. Learn more about Smart Spaces at smartspaces.app.
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