It appears New Yorkers are returning to their routines after Election Day hit its peak. The lead-up to Nov. 4 had people looking to leave Manhattan over the possibility of a Zohran Mamdani win. The Democrat Socialist has proposed a rent freeze and raising taxes on the wealthy, but now that Mamdani is mayor-elect, there’s no mass exodus.
A top real estate CEO says they will hit over 40 million square feet in commercial office leases signed at the end of the year. Bill Rudin, co-executive chairman of Rudin Management said, “People keep saying, ‘Any impact?’ No one has put their pencils down. No one is calling the moving trucks. Companies are expanding and taking space.”
Rudin, along with Scott Rechler, CEO of RXR, recently spoke at CNBC’s Delivering Alpha conference event in New York City. The two executives agreed that based on commercial leasing activity and new building investments, it’s simply not true that people are fleeing the city…