---
title: May 2021 Newsletter
description: "Noah & Co. Monthly Newsletter: May 2021- Momentum in Midtown builds, as streets are busier with traffic; both from vehicles and people on the sidewalks."
---

[Office Space Blog ](https://www.noahre.com/blog)

# [May 2021 Newsletter](https://www.noahre.com/blog/may2021-newsletter)

 Written by [Ben Blumenthal](https://www.noahre.com/blog/author/ben-blumenthal) | May 19, 2021 7:05:33 PM

The Momentum Builds (  
*A message from Ben Blumenthal*)* - *

Since news of an effective vaccine broke, the return of New York City (and by extension, workers to their offices), was hardly a question of “if” but more so a question of “when”. Fortunately, May brought forth [many positive developments](https://www.bloomberg.com/news/features/2021-05-01/new-york-city-covid-reopening-restaurants-art-culture-coming-back?utm_campaign=Newsletters&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9cwPeytGEOFRXwHba2v3wymPGqtm_vIDIi1_rGKXn3jRoeZ1lph5z5ldDHfGZgujdpkBBm) that gave businesses some much-needed guidance on what to expect.  

A stream of encouraging announcements has created a framework to set expectations and provide businesses with the confidence to plan:

- [Fully-vaccinated folks are no longer required to mask](https://www.cnbc.com/2021/05/13/cdc-says-fully-vaccinated-people-dont-need-to-wear-face-masks-indoors-or-outdoors-in-most-settings.html?utm_campaign=Newsletters&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9cwPeytGEOFRXwHba2v3wymPGqtm_vIDIi1_rGKXn3jRoeZ1lph5z5ldDHfGZgujdpkBBm)
- [80,000 NYC employees began a staggered return to the office](https://www.nbcnewyork.com/news/coronavirus/nyc-municipal-workers-start-staggered-return-to-in-person-office-work/3032917/?utm_campaign=Newsletters&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9cwPeytGEOFRXwHba2v3wymPGqtm_vIDIi1_rGKXn3jRoeZ1lph5z5ldDHfGZgujdpkBBm)
- [Indoor dining capacity returned to 100%](https://ny.eater.com/2021/5/3/22417412/return-full-capacity-indoor-dining-may-nyc?utm_campaign=Newsletters&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9cwPeytGEOFRXwHba2v3wymPGqtm_vIDIi1_rGKXn3jRoeZ1lph5z5ldDHfGZgujdpkBBm)
- [A complete reopening of NYC has been scheduled for July 1](https://www.usatoday.com/story/news/health/2021/04/29/covid-update-moderna-vaccine-doses-biden-stimulus-checks/4881256001/?utm_campaign=Newsletters&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9cwPeytGEOFRXwHba2v3wymPGqtm_vIDIi1_rGKXn3jRoeZ1lph5z5ldDHfGZgujdpkBBm)

If you’ve recently [walked the streets of Midtown](https://www.linkedin.com/posts/benblumenthalre_im-not-a-big-restaurant-guy-but-ive-made-activity-6790653294210539520-Krl8/?utm_campaign=Newsletters&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9cwPeytGEOFRXwHba2v3wymPGqtm_vIDIi1_rGKXn3jRoeZ1lph5z5ldDHfGZgujdpkBBm), you've likely noticed busier sidewalks, restaurants & bars crowded with the “after-work” patrons, and yes, plenty of vehicle traffic on the roads. Additionally, VTS reported that NYC office demand (measured by touring activity) had [increased by 25.9%](https://vts.drift.click/april-vodi?utm_campaign=Newsletters&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9cwPeytGEOFRXwHba2v3wymPGqtm_vIDIi1_rGKXn3jRoeZ1lph5z5ldDHfGZgujdpkBBm) month-over-month.

Similarly, our clients' interests in finalizing office space arrangements have been progressively bolder since the beginning of April; *just last week*, we represented three groups that finalized leases with either an immediate or July 1 occupancy date. This momentum seems to be [growing stronger](https://therealdeal.com/2021/05/10/reopening-sparks-signs-of-a-real-estate-rush/?utm_campaign=Newsletters&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9cwPeytGEOFRXwHba2v3wymPGqtm_vIDIi1_rGKXn3jRoeZ1lph5z5ldDHfGZgujdpkBBm) - and as it snakes through the leasing pipeline, we expect a flurry of office space decisions and commitments from businesses aligning their return to the office with the city’s reopening dates. 

As the city emerges from COVID and big-name organizations become increasingly public about their plans to return (ie. [J.P. Morgan](https://www.forbes.com/sites/jackkelly/2021/04/13/jpmorgan-plans-to-have-about-25000-of-its-employees-work-from-home/?sh=81e862826dea&utm_campaign=Newsletters&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9cwPeytGEOFRXwHba2v3wymPGqtm_vIDIi1_rGKXn3jRoeZ1lph5z5ldDHfGZgujdpkBBm), [Google](https://www.forbes.com/sites/jackkelly/2021/04/01/google-wants-workers-to-return-to-the-office-ahead-of-schedule-this-looks-like-a-blow-to-the-remote-work-trend/?utm_campaign=Newsletters&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9cwPeytGEOFRXwHba2v3wymPGqtm_vIDIi1_rGKXn3jRoeZ1lph5z5ldDHfGZgujdpkBBm), [Goldman Sachs](https://www.nytimes.com/2021/05/04/business/goldman-sachs-return-to-office.html?utm_campaign=Newsletters&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9cwPeytGEOFRXwHba2v3wymPGqtm_vIDIi1_rGKXn3jRoeZ1lph5z5ldDHfGZgujdpkBBm), etc.), we have begun to see both the [sublease glut receding](https://therealdeal.com/2021/05/19/manhattans-sublease-glut-may-be-coming-to-an-end/amp/?utm_campaign=Newsletters&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9cwPeytGEOFRXwHba2v3wymPGqtm_vIDIi1_rGKXn3jRoeZ1lph5z5ldDHfGZgujdpkBBm) and a markedly stronger demand not just for physical office space, but for office space in NYC.

Because let's be honest; New York City is Prime Time!

Wishing you all the best,  
Ben

**Ben Blumenthal  
**Principal Broker  
Noah & Co.

For the rest of our May 2021 Newsletter, [click here](https://info.noahre.com/newsletter/may2021).

[View full post](https://www.noahre.com/blog/may2021-newsletter)

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