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Occupiers Aren't Planning to Leave the City

The vast majority of office occupiers aren’t looking to leave New York City anytime soon in the wake of COVID-19, according to a new study from the CoreNet Global New York City Chapter.

 

More than 82% of respondents are in the process of reopening parts of their global portfolios, and more than 95% are currently relying on social distancing measures, such as reorganized office plans, more extensive remote working and flex spaces. Meanwhile, less than 4% reported any plans to set up satellite offices elsewhere, while less than 8% are also considering it.

 

“While it is a positive sign that many of our respondents continue to be committed to New York City, it is still too early to determine true impact of COVID-19 on the New York area real estate market,” said Colliers International’s Sheena Gohil, CoreNet NYC chair. “It is a trend we will continue to monitor closely.”

 

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Sheena Gohil

Executive Managing Director

New York

Sheena Gohil is an experienced broker and provides clients in New York City and internationally with customized, data driven and analytical solutions for negotiations, portfolio planning, and overall transaction management and execution. She has worked on numerous complex transactions throughout her career for a wide variety of industries including technology, healthcare, education, consulting, government, financial services, and other professional services industries.  Examples of transaction advisory services led by Ms. Gohil delivered during past projects included strategic portfolio planning, headquarters relocation analysis, corporate M&A due diligence, integration of an acquired portfolio of sites, lease restructuring, real estate negotiations during bankruptcy / debt re-organization, market analysis and other account management and transactional services depending on the clients’ need.

Most notably, Ms. Gohil led the completion of a 120,000 SF  lease transaction in Midtown Manhattan during COVID.  In addition, she worked on the lease restructuring of a 430,000 SF headquarters lease in Downtown Manhattan.

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