Crain’s New York Editorial: Signs of Renewal as New York Approaches the New Year

Forward movement, although it may not be dramatic, is starting to show in New York City, despite what has been described in the Crain’s New York editorial as “a national moment defined by dysfunction and uncertainty.” In the first 11 months of 2025, Manhattan’s office market is hitting post-pandemic highs with leasing activity reaching “almost 37 million square feet of space, putting the borough on pace to surpass 40 million square feet for the first time since 2019,” according to reported statistics of an industry report. In addition, the city’s housing supply is poised to see some improvement due to “reforms expected to yield between 16,000 and 40,000 accessory dwelling units (ADU) over the next 15 years;” and although it won’t solve the housing crisis alone, “represents a pragmatic shift toward using the city’s existing housing stock more flexibly and more humanely.” Shifting our attention to the environmental front, a “new Cornell University study found that particulate pollution dropped 22% in parts of Manhattan affected by the [congestion pricing] program during the first half of the year — a larger decline than in other congestion pricing cities such as London and Stockholm.” The benefits are extended well beyond Lower Manhattan, “with pollution falling across the broader metropolitan area.”

Source:    https://www.crainsnewyork.com/editorials/editorial-signs-renewal-new-york-approaches-new-year