Expert sees hope in future of New York commercial real estate

NEW YORK — The COVID-19 pandemic has forced many companies to rethink their operations, including the way their employees work. Many corporations have transitioned to a work-from-home model, but, unfortunately, the commercial real estate market has taken a significant hit because of this. And as the delta variant continues to spread, many offices are pushing back the date their employees can return to work, leaving some office buildings and retail spaces vacant or underused.

Scott Rechler, the chairman and CEO of RXR Realty, joined NY1 political anchor Errol Louis on “Inside City Hall” on Friday evening to talk about the future of commercial real estate in New York City. Rechler, who is also the chair of the Regional Plan Association, also discussed the recent report from State Comptroller Tom DiNapoli, which highlights the pandemic’s impact on commercial real estate.

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Watch the full interview above.

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