As New York goes, possibly the rest of the nation. And maybe I’m biased because I live here, but to what extent does the return of the New York City office tell the story of what we could perhaps see in other major cities around the country?
00:13 Speaker B
Well, I would say the return of the office is not, you know, in every market in the country. New York City is unique as we all like to know. Uh, tell the people. Um, gateway cities are really starting to see the resurgence of some of the more traditional industries like financial services and law firms. and technology is starting to regress. And in fact, if you know, we talked about a tale of two cities, how most of the market here is performing extremely well. On the other hand, there is a whole segment of the market that is quite soft. We also see it in other cities. If you’re looking for high-quality space in San Francisco, Chicago, Boston, it’s hard to find. But if you want space for basic products, there is still plenty.
01:05 Speaker A
So where are those New York-like cities? In my mind I like Miami, for example, which has been, you know, embracing cryptocurrencies and technology.
01:13 Speaker B
Yeah, well, look, the reality is that in a place like Miami, there is only 20 million square feet of office space. And although it is a good market, it is really nothing. There is no significant influence that New York City has over Miami. Um, but you know, big markets like San Francisco, Chicago and Dallas are pretty active right now. But let’s not forget that we have more vacant space in New York City than the entire inventory of many of these markets.