Increasing Covid-19 cases throughout Brooklyn and Queens are creating fear of a second wave. Mayor de Blasio has imposed new restrictions that affect 20 zip codes, sending alarms about the economic consequences. The uncertainty is dramatically slowing lease signings in the office market along with awaiting a vaccine, and the general angst we are experiencing.
A second wave will surely set New York back. The consequences to restaurants and retail are obvious. The MTA is taking severe losses as ridership dwindles. The avalanche of evictions coming once the moratorium is lifted will be ominous.
On the bright side Manhattan itself has not been effected by this potential second wave. Contact GE Grace @ 646-312-6800 or Grace@GeGrace.com when considering your office space needs.