According to JLL’s global real estate consultant, as COVID problems have eased in early 2022, corporate residents have officially set resale prices for office and made hybrid work plans in Q1.
Sitting in the body office then increased from the pool in January 2022, following the Omicron wave, approaching a pre-Omicron peak of 37% in early December. After the profit increased by the end of 2021, the stabilization in civil service caused a decrease in q-o-q volumes. About 5 million s.f. rent closed in Q1, falling 25% below the figure recorded in Q4 2021.
Among the large signed rents was a merger including the IBM rent of 328,000 s.f. on One Madison Avenue with the descent from MJHS to 138,374 s.f. at 55 Water Street? Other business transactions included Mutual of America Financial Group’s 252,000-s.f. rent at 320 Park Avenue with Alpha Sights reference 236,026 s.f. pa100 Park Avenue.
Demand for rental in high-quality products and new construction systems has continued to increase and in some cases has been higher than pre-COVID prices. The price change reflects the double market share of high-end investor office space, as places like the rooftop floor on One Vanderbilt are rented at higher prices, while the old product faces growing jobs. New online add-ons increased demand as the availability of sublease increased 40 bps or 2.1 million s.f. q-o-q, led by major foot conflicts with companies restructured after a remote service outage. More than 95 million s.f. of direct and ground area was sold for use in Q1, of 67.7 million s.f. is sold before the plague arrives.
Several major rental expectations in the pipeline will close within the next few months, which will accelerate the event in the coming areas, although the number of rent coming in 2022 and 2023 will be further squeezed out of the existing ones. Corporate real estate strategies are not all-encompassing, yet attractive gifts that attract employees to the office will remain an important factor in making decisions for residents in the industry, as attracting talent and retention remains a priority for employers. Flying a high-quality product will continue to be an important pilot of choice, which creates problems for older equipment that is less accessible and has less capacity to improve features.