JPMorgan Employees to Begin Moving into the New Park Ave HQ as NYC Leads U.S. Office Market Recovery
The recent announcement that JPMorgan Chase is “preparing to move thousands of employees into its new, 2.5 million-square-foot headquarters at 270 Park Ave. later this month before its October grand opening” further highlights the growing confidence in New York City’s office market recovery. After years of uncertainty following the pandemic, the new $3 billion 60-story tower delivers a statement about the future of New York City and its ability to maintain its leadership in business and finance. A growing number of business executives looking to “put the days of remote work behind them” are driving the city’s office market recovery at a pace faster than any other U.S. city. According to reported Placer.ai, a location-analytics firm, “New York office visits, or foot traffic, exceeded 2019 levels for the first time in July — the only major city to hit that milestone.” Improving confidence in the city’s office market led to the April commitment by accounting firm Deloitte for 800,000 square feet at the yet-to-be constructed 70 Hudson Yards. In addition, BXP announced the groundbreaking at the end of July of the construction of the developer’s 930,000-square-foot office building on the site of the former Metropolitan Transportation Authority’s (MTA) headquarters. Initially expected to be on speculation, but according to the firm’s press release, has since “executed a letter of intent with a prestigious, investment grad financial institution to anchor 343 Madison Avenue and occupy 30% of the building, in the lower-middle section of the tower.”