Return to Office in 2023

This year was supposed to be the year that America’s offices filled back up to near pre-pandemic levels. It didn’t happen. Will it happen in 2023? New York City offers a microcosm for answering the question. Plus, there is a financing market for the right new project despite the wider economic tumult. We have the latest proof.

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— Tom Acitelli, Co-Deputy Editor

Return to Office Stalls Out But Experts Believe the New Year Brings Potential

Office attendance in New York City — and other major cities across the U.S. — stagnated throughout November and parts of December, data shows. But some think the new year will bring higher numbers. Office workers came surging back to Manhattan immediately following Labor Day, bringing the city’s office towers to 49 percent occupancy, but the numbers have steadily dropped since then. Office attendance nationwide averaged around 39.8 percent of what it was in November 2019, according to the latest numbers in the Placer.ai Nationwide Office Building Index released this week.

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Bank of America-Led Lending Syndicate Seals $360M Construction Loan for 1 Java Street

A joint venture between Lendlease and Aware Super has secured a $360 million construction loan for the development of 1 Java Street in Brooklyn. The loan came from a four-bank lending syndicate led by Bank of America and which included Mizuho Bank, Oversea-Chinese Banking Corporation and TD Bank, sources familiar with the deal told Commercial Observer. The 36-story, 834-apartment multifamily development will utilize Lendlease’s investment management, development and construction business units. The project is scheduled to be completed in 2026, according to a release.

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