Articles of the week ending November 7th
Rising Costs, Shifting Market Have Office Landlords Tightening The Purse Strings On TI
By Patrick Sisson, Bisnow
Office tenant improvement (TI) allowances, which surged over the past decade, are now flattening as rising construction costs and cautious landlords shift strategies, favoring longer leases, reduced concessions, and selective spending focused on top-tier buildings.
At Q3 Earnings, Vornado Sees No Mamdani Pullback
By Elizabeth Cryan, The Real Deal
Vornado CEO Steven Roth said the company sees no slowdown in tenant demand despite political uncertainty, as Manhattan’s office market strengthens and the firm expands major projects in the Penn District and Midtown.
Business community wrestles with the reality of Mamdani as next NYC mayor _ Crain’s New York Business
By Caroline Spivack , Crain’s New York Business
New York business leaders are preparing to work with Mayor-elect Zohran Mamdani despite concerns over his progressive agenda, expecting state constraints and fiscal realities to moderate his policies while watching closely how he fills key city leadership roles.
Vornado dusts off plans to develop tower on Hotel Pennsylvania site _ Crain’s New York Business
By Aaron Elstein, Crain’s New York Business
Vornado Realty Trust is reviving plans to build a major office tower on the former Hotel Pennsylvania site in Midtown, driven by renewed tenant interest and strong demand for high-end Manhattan office space.
Manhattan office market sees busy October with Ropes & Gray, Sixth Street deals _ Crain’s New York Business
By Eddie Small, Crain’s New York Business
Manhattan’s office market is rebounding strongly, with leasing activity on pace to surpass 40 million square feet in 2025 for the first time since 2019, driven by major deals and rising rents across key submarkets.
Fintech Firm Current Inks 62K SF Lease at Vornado’s Penn 2
By Elizabeth Cryan, The Real Deal
Fintech firm Current signed a 10-year lease for over 62,000 square feet at Vornado’s Penn 2, relocating from Chelsea as the tower reaches 78 percent occupancy amid strong tenant demand in the Penn District.