First San Francisco. Now New York. Neither city’s office market is back to pre-Covid levels, but they’re no longer considered basket cases either. In the case of NYC, the WSJ reports that developers are even pushing ahead with new office-tower projects. … I’m becoming more convinced that it’s just a matter of time before Boston experiences its own mini-office boom. Employers are increasingly calling workers back to offices – and leasing is slowly picking up here and there. … Btw: the New York resurgence comes as Manhattan goes through “one of its most active waves of office-to-residential conversions since World War II,” the Journal reports. In other words: the conversions are helping both the office and housing markets, reducing supply for the former and increasing supply for the latter. Similar conversions are happening in Boston.

Update — 10.15.25 –– From the Boston Business Journal: “Boston’s office industry may be turning a corner.” …. Then again, maybe not. Also from the BBJ: “Downtown Boston office building headed to auction block.”