In a recent AFIRE interview, RXR’s EVP, Chief Strategy Officer & Head of Equity Capital Markets, Scott Crowe, shared his perspective on the resurgence of New York City’s office market and the investment opportunities emerging from its recovery. Crowe highlighted how return-to-office momentum, tightening vacancy, limited new supply, and office-to-residential conversions are creating a landlord-favorable environment, particularly for high-quality assets in key submarkets including Grand Central, Rockefeller Center, Hudson Yards, Penn Station, and the Financial District.
Looking ahead, Crowe sees these dynamics setting the stage for the next cycle of office development, with rising rents supporting new construction and the potential to reshape New York City’s skyline over the next five to eight years.
