Attracting New York Office Tenants - Challenges and Opportunities
- Monday, October 30, 2017
Contact: Vincent Altieri, CPA, and Eric Huynh, CPA
If you don’t believe in evolution, stay out of the New York office rental market. In today’s market, the needs and demands of potential renters are changing at a faster pace than ever before. Add this to the fact that the office market is also beginning to evolve from being landlord-driven to tenant-driven, it’s a market full of challenges, but one that is also ripe with opportunities.
Who are they and where are they going?
We are in a great transition period where the Baby Boomer generation, while remaining very active and often still in decision-making roles, is passing the torch to the new Millennial generation. Each group may have different ideas about what they expect from the space they are considering. Millennials tend to look for greater flexibility, functionality, and responsiveness from their office. Boomers might look for more traditional amenities, such as a prestigious address or plush interiors. In short, know thy audience.