Change

November 2024 Newsletter #61

Word count:?604 words, read time approx 3 mins

Change?

From where we work, to how we work, we have seen a lot of change in the last month.

Just recently three major US employers have altered their messaging of their work expectations to employees. In the example of Amazon, their work policy felt like it changed out of frustration from non-compliance. The message? Find another job if you don't want to work in the office five days a week. No gray area there! Additionally, we just heard from 3M this month, hey US office employees, just kidding about fully remote (not exactly their words) we need you in a minimum of three days. And this week Starbucks threatened to fire staff who don't return to the office. The pendulum is swinging back towards employers from where I sit!

On the WHERE we work, the office to residential conversion is picking up steam. One prime example is the north end of the Plaza District in New York City on upper Fifth Avenue around Central Park and Madison 57th - 61st Street. The landscape is changing dramatically. In the case of 655 Madison, which we were expecting to see torn down, has now sold to Extell, well known for residential development. And 625 Madison owned by SLGreen is being closely watched as well for new potential residential conversion. You also have 660 Madison which continues to remain vacant, after Barney's and the office tenants left a number of years ago. Additionally the conversion of 623 Fifth is underway. And there's market talk that LVMH is close to purchasing 745 Fifth- just across from the GM building. This is all contributing to not only a significant change to this neighborhood, but also taking some of the supply of office buildings off the market. This is in part contributing to the increased demand for office space in other parts of the Plaza District. The recovery is real in this part of New York City.

Things I'm Reading?

Bill Bryson is just great!

Since I was already a huge fan of A Walk In The Woods,?about Bill's time on the Appalachian Trail, I knew I was in for an adventure choosing this book for my month’s reading.

The Lost Continent documents Bill's solo drive of 13,978 miles across America visiting 38 of the lower 48 states.

It's about all the funny things that happen along the way from the miles and miles of roads filled with nothing but billboards attracting you to the world's biggest tomato to the truck rest stop diners and the interesting people at and behind the counter to the touristy shops outside our national parks. He makes you laugh.

He says the things that you have likely thought but never said out loud.

While a little dated as it was written in the late 1980s, many of his witty commentary and observations still hold true to this day.

It was a fun read!

And In The News??

Here’s Where Office-to-Resi Conversions Are Happening in NYC

Starbucks Threatens to Fire Staff Who Don't Come Back to Office

In Much of Midtown’s Office Market, It’s Like the Pandemic Didn’t Happen

The Future is Flex: WeWork Survey Reinforces the Office is Critical for Profitability and Culture

Office Building Facelifts Along Park Avenue Spur ‘Tightest’ U.S. Submarket

New on the Podcast?

Larry Hutcher: The Evolution of Law in the AI Era

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