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BTN-COVID-19 Six Months Later

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The Manhattan office market has faced an undoubtedly unique challenge over the last two quarters (2Q 2020-3Q 2020). Just before the end of 1Q 2020, the first confirmed case of COVID-19 in New York State occurred. Three weeks later in late-March, the "New York State on PAUSE" executive order went into effect that, amongst other things, closed the in-office functions of non-essential businesses across New York City and New York State.

Despite in-office functions resuming in late-June and the gradual reopening of New York City taking place in various stages throughout the summer and fall, the effects of the virus are still reverberating more than six months after first arriving in the City. This report examines the measurable impact of COVID-19 over the last six months on the office market. 

Although the previous two quarters were influenced by events not seen in New York City in more than a century, the report will draw comparisons, where applicable, to the six-month periods immediately following the Great Recession and 2001 Recession.


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BTN-COVID-19 Six Months Later

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Franklin Wallach

Executive Managing Director

New York

Franklin Wallach is an Executive Managing Director, Research & Business Development at Colliers.  Franklin's role includes a focus on quarterly and monthly trends within the Manhattan and Brooklyn office markets while using multiple databases and maintaining contacts within the industry in order to provide in-depth market analysis to brokers and clients.

Franklin reports on the office market on a monthly and quarterly basis through analytical reports as well as presentations to tenants, landlords and the press. Data analyzed by Franklin includes: average asking rents, availability rates, concessions, absorption, tenants in the market, leasing activity, construction and future tenant demand. Franklin has been quoted by numerous periodicals including The Wall Street Journal and The New York Times.

Franklin’s expertise in synthesizing data into important, poignant and understandable observations has led him to be a key ingredient on a number of wins over the years. He has also parlayed this skill into offering strategic advisory on existing assignments as well as creative planning for business development pursuits and opportunities. Franklin's business development role enables him to formally assist the Colliers' brokerage practice in the pursuit, development and execution of new business.
 

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