Return to Office almost back in NYC

Perhaps there will be more purchases of studios in NYC for execs whose families stay in the suburbs?

Well, the article only cites foot traffic, not *returning* foot traffic. The WSJ recently had this: https://www.wsj.com/articles/austins-reign-as-a-tech-hub-might-be-coming-to-an-end-02836bc3?mod=wknd_pos1, which has some nice snark on Austin (my former city):

"Gabriel Farid Guerra said he was extremely underwhelmed after moving to Austin from New York in 2022. Working a completely remote job at the time, he said he signed a one-year lease in the city, chasing the idea that it was “the new, booming U.S. tech hub. Compared with New York and San Francisco, he said, tech events were harder to find, the quality of events was lower and opportunities for new roles were sparser. Public transit also left something to be desired, he said. "

But the article also cites growth in NYC, separate from RTO: "New York also is drawing talent, fueled by an influx of AI companies that aim to sell to large enterprises. Big Tech employment in New York grew 2.2% in 2024, while startup employment grew 3.7%, according to SignalFire. "

So, is the residential market moving (or at least staying even) on new occupants, or returning ones?

I think new highly educated hires at junior level moving in and senior ones are staying put. Naturally, any sort of real rebound in Manhattan market will take a new mayor and improvement in some of the soft on crime laws from Albany.

BTW, no uptick in the Streeteasy price index numbers yet. It is largely unchanged for Manhattan and Brooklyn keeps creeping up.