On Top of The World: Mary Ann Tighe on the future of real estate in New York City

The Weekly Take from CBRE

Mary Ann Tighe, CEO of CBRE's New York Tri-State Region, discusses Manhattan's ongoing transformation. Drawing on decades of commercial real estate deal-making experience, Mary Ann discusses the resurgent office leasing market, office-to-residential conversions and long-term opportunities.

1. Anticipated Market Transformation: Investors should prepare for a major shift in New York’s office market, reminiscent of the historic changes that occurred in the 1920s.
2. Long-Term Leases: Despite the rise of remote work, many New York City businesses want to sign long-term leases due to the high costs and complexities of space renovation.
3. Investment Opportunities: New York has significant opportunities to convert antiquated office buildings into residential or mixed-use properties.
4. Government Incentives: Understanding and leveraging government tax incentives can be crucial in making redevelopment projects financially viable.
5. Cultural Edge: New York's creative energy and foremost cultural and social amenities remain a strong draw for people, businesses and capital. This enables the City's resilience and continuous evolution.