Three years after the start of the pandemic, office occupancy across the nation finally hit 50 percent. Last week, the average office attendance was 50.4 percent, the Wall Street Journal reported. The figure comes from Kastle Systems, which noted it was the first time occupancy has topped 50 percent since March 2020. Texas cities Austin and Houston continue to lead the charge, or rather the trickle, back into offices, with both sporting occupancy rates above
The new year brought some good news for Manhattan and Brooklyn homebuyers and agents: New listings went up in January for the first time since September in both boroughs, according to Miller Samuel’s monthly report for Douglas Elliman. Though the uptick is a positive sign for an inventory-starved market, new listings were still lower than they were a year ago or before the pandemic. In Manhattan, new co-op listings were down 27 percent from January
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Last week, Mayor Eric Adams floated a way forward for office-to-residential conversions, saying the city could rezone Midtown so developers could convert underused office buildings into much-needed homes. The catch: Rezoning triggers an affordable housing requirement, adding costs to projects that already would require a property tax break to pencil out. Wednesday, Gov. Kathy Hochul proposed a solution: a tax exemption for office conversions that set aside a certain percentage of rental units as affordable.
The post Hochul pitches conversion tax break. Will developers bite? appeared first on The Real Deal New York.
The Hamptons and North Fork continue to be plagued by a lack of homes for sale, but there are signs of light at the end of the tunnel, according to a monthly report by Miller Samuel. While the Hamptons market remains tight, it may be beginning to rebound ahead of the spring market, said Jonathan Miller, who authored the report for Douglas Elliman. New inventory for single-family homes rose on a year-over-year basis for the