All eyes have been on New York City in the past few years, and Charlie Stephens has seen it all.
Charlie started his commercial real estate (CRE) career in midtown Manhattan, where he approached key company decision-makers with the opportunity to promote their brand and network on the Leaders Live show, LinkedIn’s first live business series. Since then, he’s broadcasted around 200 interviews with industry leaders in NYC and even launched the PrimeTime VC Youtube series.
Who better than Charlie Stephens to take us inside one of the world’s hottest markets? In this week’s episode of The Let’s Go Show, Charlie joins Chase Garbarino to discuss the future of technology and the current state of office space in NYC.
When it comes to quickly modernizing with technology, NYC properties have a long way to go, Charlie noted. A majority of the city’s buildings were built before 1980, meaning that many commercial properties lack technological capabilities. The CRE industry needs help, Charlie said, in order to bridge the gap between new, tech-enabled buildings, and other properties that need to be updated to meet today’s standards.
Though technology adoption is happening slowly, Charlie shared a few notable proptech features that have been capturing attention. Secure mobile access has been widely discussed, as well as enhanced elevator systems (especially in older buildings). The way that NYC landlords are thinking about amenity centers is also changing: these spaces are being used as a recruitment tool for top talent as workplace expectations evolve.
In the episode, Chase and Charlie also discuss hybrid workplaces and the role of office space in NYC. As of September 15th, office occupancy in the NYC metro area is at 28.1%, lower than both the Dallas and Austin metro areas. However, Charlie observed, tours and transactions — like this week’s $2.1 billion Google purchase — have been increasing steadily. Across the city, workers and company leaders alike are understanding that there’s a need for in-person collaboration and communication.
Charlie reflected on the growing sentiment towards the office as a space for active collaboration: “There’s nothing really like sitting in a room with a bunch of people trying to get things done and hashing it all out.”
To hear more of the latest CRE trends coming out of NYC, listen to The Let’s Go Show’s latest episode.
- Dive into how the physical environment of the workspace influences behavior
- Learn how to bring a hospitality-first approach to the office
On Today’s Episode
Chase Garbarino, CEO and Co-Founder at HqO, the only end-to-end operating system for commercial office buildings.