Manhattan’s Class A Office Building Take Center Stage
Office buildings constructed or renovated since 2015 have become the most sought after for companies relocating in Manhattan since the pandemic. According to analysis findings by online lease and sales comps platform Compstak, “more than 76 percent of office occupants who have moved in Manhattan since the start of the pandemic have either gone from one Class A property to another or upgraded to a Class A building from a Class B one.” Leading the way among tenants that are increasingly upgrading to newer spaces are the technology, advertising, media and information sectors (TAMI) — of which 37 percent moved between Class A buildings during the pandemic and another 27 percent moved up from Class B to Class A spaces. The financial, insurance, real estate (FIRE) and legal sectors accounted for the largest share of relocations, or about 46 percent, during the pandemic, with 64 percent of the moves from the sectors’ typically occupied Class A buildings to buildings newer than their previous locations.