The KNOG
The Future of Medical Space
Your next doctor visit may look much different than it has been pre-pandemic. Waiting in cars until your time to see the physician, online check ins, temperature checks before entering, and one way traffic are hallmarks of this medical office revolution. This will...
Lease Negotiations in the Time of Covid
If you are a tenant in a weak financial position, you have more negotiating power compared to tenants with financial strength. A complete reversal of “normal” market mechanisms. Landlords do not want to lose tenants, as replacing them in this market is difficult. If...
The Move to Suburban Space
Increased demands for suburban office buildings will impact pricing. Larger spaces means easier social distancing. These spaces are typically in shorter buildings than NYC's skyscrapers, potentially leading to less elevator use. Driving means no (or less) necessary...
The Necessary Spotlight on Your HVAC System
It is crucial to know what to focus on revolving around cleaning. HVAC systems are important. One of the biggest complaints for tenants is bad air conditioning. Air conditioning can be critical to slow down the spread of viruses. Are your systems being filtered in...
Eager Lenders Are Pouncing on Landlords
Lenders have already begun taking some property owners and developers who are late on their payments to court. In hopes of minimizing their financial losses, and protecting their investors many are seeking foreclosures on their interests in these properties. Many of...
The Post Covid Leasing Market
The last 10 years have been a landlord's market. This is all changing as collections are increasing and landlords are seeing negative cash flows. As of April, the general consensus was 70% of tenants were paying rent. May and June saw even lower rates of collecting...
Regus Files for Bankrupcy on New York Locations
Regus has filed for Chapter 11 on over 100 locations across the US, with 6 located in New York. These shared office spaces were based in Manhattan, Brooklyn, and Long Island City. This is in line with parent company, IWGs plan to trim 4 % of its global portfolio as a...
Amazon Acquires NYC’s Lord & Taylor Building
Amazon is one of the pioneers in bringing employees back to NYC after acquiring Manhattan's iconic Lord & Taylor building. 2,000 employees are set to be working from the site - officially in 2023 when they begin moving into the space. Creating 2,000 jobs in the...
The Dropping Value of REITs and Your Lease
What do major REIT's stock prices dropping mean for your lease? Commercial space value is likely dropping as companies reprioritize their working arrangements. This is seen in the drop in stock value of many REITs, and not necessarily your building value just yet. It...
Cleaning, Sanitizing, and Disinfecting to Prevent Covid19 Transmission
Cleaning, sanitizing and disinfecting are becoming the new normal across commercial office space. Protecting your employees as they come back into the office is absolutely necessary. Understanding the differing cleaning methods is crucial. What is your space doing to reduce Covid19 transmisson?
The Benefits of Working Remotely
As firms across the world were forced into mandatory work from home policy during the worst months of the pandemic, many employees have realized gains and losses from the new working dynamic. In a recent conversation with my niece who has worked from home for the last...
Manhattan Lags Behind Surrounding Area in Housing Sales
July saw a massive jump in housing sales everywhere except Manhattan. Westchester County, Long Island, Brooklyn and Greenwich, CT, all saw increases in sales, some as high as double the usual rate. Pending deals in Manhattan fell by 47% in the price range of $599k to...
The Power Shift in the Market
70-90% of tenants are still paying their rent. As a result landlords are having negative cash flows. It is now a tenant favoring market. Landlords and banks will be impaired as this continues. Rents will likely go down as demands go down. Vacancies are likely to...
Asking Rents for Retail Spaces are Dropping Across the Country
Asking rents for major retail space are dropping across NYC's 5th Avenue, LA's Rodeo Drive, Chicago's Michigan Ave, and the Las Vegas strip. For the first time since 2011 prices have dropped below $700 per square foot - an 11.3% decline from a year ago. What does this...
The Importance of the HVAC System in Your Office
Air quality is now a leading concern for employers as they lease space. What HVAC system is in your building? What constitutes cleaner air for your employees? These questions should be asked prior to leasing space - and can also be a point of focus during lease...