New York Office
Outlook - Q1 2020

Leasing activity pauses at the onset of the spread of COVID-19, foreshadowing a potential market correction

April 16, 2020

There is growing consensus that the market’s positioning in the first quarter will represent a cyclical high and is likely poised for a correction. The extensiveness of a potential office fundamental reversion is largely dependent upon the longevity of the crisis, which has been especially acute in New York City, and its lingering impacts on the economy and occupancy strategies.

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