{"id":501933,"date":"2022-10-19T02:33:34","date_gmt":"2022-10-18T23:33:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/real-estate-insiders-take-swipe-at-back-to-work-barometer\/"},"modified":"2022-10-19T02:33:34","modified_gmt":"2022-10-18T23:33:34","slug":"real-estate-insiders-take-swipe-at-back-to-work-barometer","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/real-estate-insiders-take-swipe-at-back-to-work-barometer\/","title":{"rendered":"#Real estate insiders take swipe at Back-to-Work Barometer"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25995147aab\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25995147aab\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/real-estate-insiders-take-swipe-at-back-to-work-barometer\/#%E2%80%9CReal_estate_insiders_take_swipe_at_Back-to-Work_Barometer%E2%80%9D\" >&#8220;Real estate insiders take swipe at Back-to-Work Barometer&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CReal_estate_insiders_take_swipe_at_Back-to-Work_Barometer%E2%80%9D\"><\/span>&#8220;Real estate insiders take swipe at Back-to-Work Barometer&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>The widely cited Kastle Systems Back-to-Work Barometer, which claims to tally how many employees have returned to offices, misses hundreds of skyscrapers with the highest attendance \u2014 and the\u00a0result is a whopping undercount, real estate insiders say.<\/p>\n<p>Kastle counts entry swipes only at office buildings that pay for its security services. Those \u201cNYC Metro\u201d properties include 200 Class-A Manhattan buildings, it says. But a Post survey found that Kastle tracks only two of the city\u2019s 10 largest real estate empires, \u00a0which have the lion\u2019s share of financial and legal tenants with more employees on-site than other types of businesses.<\/p>\n<p>The yawning gaps in Kastle\u2019s survey reflect \u201ca huge lack of accuracy in their data in this market,\u201d said JLL regional CEO Peter Riguardi.<\/p>\n<p>Kastle\u2019s findings have gone unquestioned, including by Mayor Eric Adams. But landlords and sources revealed that Kastle shockingly doesn\u2019t count swipes at buildings owned or managed by SL Green and Vornado Realty Trust \u2014 the city\u2019s largest and second-largest commercial landlords with 34 million and 28 million square feet, respectively.<\/p>\n<p>Nor does Kastle cover the vast empires of \u00a0Tishman Speyer, Rudin Management, Silverstein Properties, Brookfield Property Partners, Boston Properties, Related Companies or Rockefeller Group.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"683\" height=\"1024\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/one-world-trade.jpg?w=683\" alt=\"One World Trade Center\" class=\"wp-image-24309028\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/one-world-trade.jpg?quality=75&amp;strip=all&amp;w=1366 1366w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/one-world-trade.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/one-world-trade.jpg?quality=75&amp;strip=all&amp;w=683 683w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/one-world-trade.jpg?quality=75&amp;strip=all&amp;w=341 341w\" sizes=\"auto, (max-width: 683px) 100vw, 683px\"\/><figcaption>The properties missed  by Kastle account for more than one-third of the city\u2019s 450 million square-foot office inventory. Above, One World Trade Center.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>The \u201cbarometer\u201d doesn\u2019t track the World Trade Center, \u00a0Hudson Yards or Manhattan West. Nor does it cover the Empire State Building, One Vanderbilt, One Bryant Park or 55 Water Street \u2014 the city\u2019s largest single office location with 3.5 million square feet.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>Kastle also\u00a0overlooks a half-dozen towers owned by their financial-services users \u2014 such as JP Morgan Chase\u2019s headquarters at 383 Madison Ave.<\/p>\n<p>Mary Ann Tighe, CEO of CBRE\u2019s tristate region, said, \u201cKastle can\u2019t be considered a definitive source for Manhattan office occupancy.\u201d <\/p>\n<p>Taking the \u00a0gaps into account, she said, \u201cIt is reporting data from a mix of A and B properties. We know \u00a0that better buildings have significantly higher occupancy rates and any building serving the financial service industry has strong in-person attendance.\u201d<\/p>\n<p>The properties missed \u00a0by Kastle account for more than one-third of the city\u2019s 450 million square-foot office inventory. More important, they comprise perhaps two-thirds of the premier, Class-A trophies with the highest attendance.<\/p>\n<p>\u201cNot all buildings are alike,\u201d said one insider\u00a0who asked not to be named. \u201cIf a 1960s building on Third Avenue leased to small companies is 40% occupied, it doesn\u2019t mean you can assume that a much larger building leased to banks and lawyers on Park or Sixth Avenue or Hudson Yards is also just 40% full.\u201d<\/p>\n<p>Dan Biederman, head of \u00a0consulting firm BRV Corp. and president of both the Bryant Park Corporation and the 34th Street Partnership, has been \u201cskeptical\u201d of Kastle\u2019s data for some time. He \u00a0scoffed, \u201cIs Kastle telling me all these people on the sidewalks are just walking around for fun?\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/the-edge.jpg?w=1024\" alt=\"View of Manhattan from Hudson Yards\" class=\"wp-image-24309043\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/the-edge.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/the-edge.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/the-edge.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Contradicting Kastle\u2019s lowball attendance numbers, sources said, that Related\u2019s Hudson Yards towers have averaged \u00a060% occupancy since last summer <\/figcaption><figcaption><span class=\"credit\">Paul Martinka for NY Post<\/span><\/figcaption><\/figure>\n<p>Kathryn Wylde, president and CEO of the Partnership for New York City business-advocacy organization, said its survey \u2014 which reports higher occupancy than Kastle does \u00a0\u2014 \u201creaches the largest Manhattan office building owners and managers which we believe results in the most accurate assessment of the status of remote work.\u201d<\/p>\n<p>Her latest count shows 50% average Manhattan weekly occupancy for the first time and climbing. Kastle\u2019s latest shows 47.8% occupancy, a significant\u00a0uptick from 43.8% the previous week.<\/p>\n<p>Contradicting Kastle\u2019s lowball attendance numbers, sources said, that Related\u2019s Hudson Yards towers have averaged \u00a060% occupancy since last summer and the Seagram Building \u2014 which Kastle does cover \u2014 75% except on Fridays.<\/p>\n<p>Kastle didn\u2019t dispute The Post\u2019s list of buildings it doesn\u2019t track, but declined to say which it does count, citing client confidentiality.<\/p>\n<p>A company rep said, \u201cKastle is confident that the Barometer represents an accurate view of return-to-office trends.\u201d <\/p>\n<p>She said Kastle is \u201cconfident we can extrapolate\u201d its data to the \u201clarger picture.\u201d<\/p>\n<p>\u201cWe continue to track new trends and welcome others sharing data that we can incorporate into the existing Barometer,\u201d she said. \u201cOur goal is to share the data to help plan better for hybrid work, as well as provide insights on future trends to the American public.\u201d\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Kastle counts entry swipes only at office buildings that pay&#8230;<\/p>\n","protected":false},"author":1,"featured_media":501934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/hudson-yards.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[134216,73947,73218,120836],"class_list":["post-501933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-18-22","tag-landlords","tag-office-buildings","tag-return-to-work"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/501933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=501933"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/501933\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/501934"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=501933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=501933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=501933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}