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COVID-19 and the Manhattan Office Market Report April 2020

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The impact of COVID-19 on the United States and the rest of the world is unprecedented. Locally, COVID-19 has hit New York City and New York State particularly hard. The first confirmed case of COVID-19 in New York City was reported on March 1st 2020. Merely three weeks later, an order by the Governor of New York State (Andrew Cuomo) went into effect requiring all non-essential businesses to close. The purpose of this order was to enforce social distancing by staying home in order to “flatten the curve” on the spread of COVID-19. All non-essential construction was also halted. New York State leads the nation in cases of COVID-19. As of April 9th, New York City alone accounted for more than 87,000 cases.

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COVID-19 and the Manhattan Office Market Report April 2020

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Franklin Wallach

Executive Managing Director

New York

Franklin Wallach is a Senior Managing Director, Research at Colliers International. 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 New York City commercial real estate periodicals including The Real Deal and GlobeSt.com.

Franklin joined Colliers after working in CBRE's Lower Manhattan office as a Senior Research Analyst.

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Chemerie Cheng

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With more than 20 years of experience in commercial real estate research and  analyses, Ms. Cheng’s expertise includes complex database management, corporate real estate and advisory consulting.

Ongoing projects include: currently managing the Americas property portfolio for European based company; and conducting  regular demographic and employee commutation analyses for Client data firms.

She was the Manager of Real Estate Analytics of Studley, Inc. While at Studley, she headed the analyses and production of the regular quarterly reports and in-depth studies of the effective rental rents for prime Class A office properties. Ms. Cheng coordinated with the local offices to develop and maintain property research databases for 15 cities, and established two new market reports as part of the company expansion.

Prior to Jones Lang LaSalle, Ms. Cheng was a Research Analyst with LaSalle Investment Management in New York City, focusing on the multifamily markets and the Northern New Jersey Industrial market.

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Brennan Yerman

Director - Research

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