immobiliare

Returning to the Office: Exploring the Evolving Landscape of Workplace Policies in Leading Corporations

By Columbus International,25 August 202314 September 2023

The tune is changing. Goldman Sachs is adopting a stricter approach to the remote work situation, requiring employees to return to the office on a full-time basis, as reported by Bloomberg. So, forget about the dream of opening the doors to your office only two or three days a week. The decision by Goldman Sachs to amplify expectations regarding in-office presence might motivate other organizations to do the same. According to Jason Greer, founder and president of Greer Consulting, the prevailing reality is that a return to the five-day office week is imminent. He expressed this sentiment during a CNBC interview, emphasizing that businesses are inclined to enforce this requirement. Greer emphasized that employers perceive the arrangement as straightforward: if you’re paid to work in the office, you’re expected to be there. If someone disagrees, they are free to seek opportunities elsewhere, considering the substantial group of job seekers competing for similar positions. Greer pointed out that the business landscape has changed significantly over the past two years. In the past, companies struggled to attract talent, offering various incentives and higher salaries. However, the current job market offers a surplus of potential candidates, granting them more bargaining power. As a result, companies are inclined to request a full return to the office, even if it means losing a portion of their workforce.

Executives, as noted by Greer, acknowledge the possibility of losing employees due to stricter directives. However, they see this as an opportunity to replace departing staff with individuals who can be hired at more cost-effective compensation levels than those leaving. Greer cited cases where employers went to great lengths, offering $50,000 to $100,000 above the desired salary range during the labor shortage caused by the pandemic. In the current scenario, with layoffs widespread in many industries, employers are in a stronger position. Many companies have also realized that maintaining productivity is achievable with a leaner workforce. Moreover, the push to bring employees back to the physical office is not limited to Goldman Sachs alone.

Major players like Amazon and Meta (formerly known as Facebook) are also exerting similar pressure. Meta, for instance, has communicated the expectation that the majority of employees resume on-site work for at least three days a week starting from September 5. Non-compliance with this directive could potentially jeopardize employees’ jobs. Amazon, on the other hand, is promoting the return of remote employees to their designated “hub” locations or exploring alternative employment options. Interestingly, even Zoom, a company that played a critical role in catalyzing the remote work trend during the COVID Era, is now promoting a greater in-office presence. Zoom is encouraging employees located within 50 miles of its offices to return to on-site work for at least two days a week. Greer emphasized that the reason behind this push for in-office work is rooted in the understanding that certain connections and interactions are irreplaceable in a remote work context characterized by virtual operations. He highlighted the importance of face-to-face interaction in fostering a cohesive organizational culture. This involves managers getting acquainted with their team members, mutual understanding among colleagues, and establishing significant interpersonal dynamics, elements that can only be fully realized through direct, in-person interaction.

Additionally, Amazon officially unveiled its new Fifth Avenue office building, marking a significant shift in their approach to the workplace. Three years ago, they acquired the historic Lord & Taylor department store building from WeWork for nearly $1 billion. In May, the e-commerce giant implemented a three-day-a-week office policy and has been closely monitoring employee locations, reaching out to those suspected of remote work exceeding company guidelines. During the grand opening attended by New York City Mayor Eric Adams, Amazon’s Vice President of Global Real Estate and Facilities, John Schoettler, revealed that employee office presence has been steadily increasing since May, though he refrained from providing specific figures. The company is firmly committed to in-person work, viewing it as the optimal way to foster innovation and serve their customers. Schoettler emphasized the transition period, acknowledging that adjusting to remote work took time for many employees. However, those returning to the office have expressed satisfaction with the change.

The building, located at 424 Fifth Ave., has a rich history. Initially, it served as Lord & Taylor’s flagship department store when it opened in 1914, a distinction it held for over a century. After WeWork’s ambitious plan to transform it into a corporate headquarters fizzled out due to financial troubles, Amazon acquired the property for $978 million, commencing a complex renovation process. Approximately 2,000 of Amazon’s employees now call this building their workplace, constituting a fifth of the company’s current workforce in Manhattan, Queens, Brooklyn, and New Jersey, totaling around 10,000 employees. While Amazon regularly reviews its leases and real estate arrangements, Schoettler expressed uncertainty about any current plans for office space consolidation. The company also holds leases for spaces in other WeWork locations, including 90,000 square feet in RXR Realty’s 75 Rockefeller and nearly 210,000 square feet in 1440 Broadway. Adaptations to the former Lord & Taylor building reflect evolving worker preferences and behaviors. With an increased emphasis on collaboration spaces since the onset of the pandemic, conference rooms have diminished in size, and assigned seating has given way to a “neighborhoods” model.

The building boasts amenities like a rooftop terrace, a dog run, lounges, and a cafeteria named after former Lord & Taylor President Dorothy Shaver. Original artifacts from the department store’s history are integrated into the design. Additional features, such as a plant-adorned staircase, elevators, updated bathrooms, and kitchens, have been incorporated. The ground floor houses both retail and 1,500 square feet of community space established through a partnership with the City University of New York. This opening coincides with the broader challenge of adapting to remote and hybrid work environments. Office availability in Manhattan has reached a historic high of 19.9%, and many employees remain hesitant to return en masse despite encouragement from landlords and officials. Mayor Adams commended Amazon for its contribution to the city’s economic landscape, celebrating the transformation of the Lord & Taylor building as a symbol of growth and adaptation in the heart of New York City. He also playfully encouraged more frequent office attendance, especially for those seeking social interactions in the bustling city.

Aston Martin Residences: Unveiling Miami’s Triumph Over Market Challenges with a Real Estate Gem

By Columbus International,23 August 2023

The Aston Martin Residences, an ambitious luxury condo tower situated in downtown Miami at 300 Biscayne Boulevard Way, is once again making headlines as construction resumes following a resolution between the project’s general contractor and a subcontractor. The Miami-based stucco and drywall company, Edgewater Construction, had filed for Chapter 11 bankruptcy in March, which led to a two-month delay in the project’s timeline. The impasse was attributed to cost increases linked to inflation, culminating in financial strain for Edgewater Construction. According to the South Florida Business Journal, Jacqueline Calderin, the attorney representing Edgewater Construction, explained that the company had to absorb these elevated costs due to its original contract with Coastal Construction, the general contractor, established in early 2019. G and G Business Development, under the ownership of the Coto family from Argentina, initiated the Aston Martin Residences project in 2017. This nearly 400-unit, 50-story tower was initially slated for completion in the preceding year. Aston Martin’s spokesperson confirmed that the tower is on the brink of being sold out and is anticipated to be finalized by the year’s end.

Edgewater Construction’s Chapter 11 filing affected six ongoing developments, including the Estates at Acqualina in Sunny Isles Beach, AMLI Wynwood, Society Wynwood, Bayshore Grove, and a project in Tampa. It remains uncertain whether Edgewater Construction will resume work on the other South Florida sites where agreements with general contractors were in place. Notably, the company will not be returning to Coastal Construction’s Tampa development project, as disclosed by Edgewater’s legal representative. Developers have grappled with substantial cost hikes over the past few years, spanning land acquisition, construction materials, labor, insurance, and financing. These augmented expenses, coupled with disruptions in the supply chain and other contributing factors, have compounded the challenges faced by developers, making project initiation and completion increasingly complex. Meanwhile, Aston Martin has seized the spotlight with its prestigious 66-story luxury high-rise in Miami. The brand recently unveiled the interiors of its much-anticipated triplex penthouse, fittingly named “Unique” for its exceptional design attributes. This extraordinary property spans an expansive 19,868 square feet across three floors, housing seven bedrooms and eight bathrooms. Each level boasts a wrap-around terrace, boasting a grand total of 7,300 square feet of outdoor space. The Unique penthouse represents Aston Martin’s inaugural foray into the penthouse property market worldwide.

What further distinguishes this residence is an exclusive buyer’s privilege—an accompanying Aston Martin Vulcan, a limited-edition race car valued at $3.2 million. The provision of a custom-built, climate-controlled garage within the building ensures that this masterpiece finds a fitting home. Adding to the allure, the buyer will receive an 80-page fine-art book chronicling the conception of Unique through paintings, sculptures, music, and poetry. Germán Coto, CEO of G&G Business Developments, anticipates the book to be coveted by connoisseurs who appreciate the irreplaceable. Intricately designed to maximize natural light, the interiors of the penthouse are adorned with expansive wall-to-wall glass panels, offering panoramic views from the Atlantic Ocean to the vibrant cityscape. At the heart of the residence lies a custom-crafted staircase, embodying the elegant wings of the Aston Martin logo. Anchoring the living room is an equally sculptural light fixture, complementing the luxurious ambiance. The penthouse includes a private pool, a spa, a gym, and an elevator, enhancing the exclusive lifestyle it promises to deliver. Marek Reichman, EVP & Chief Creative Officer of Aston Martin Lagonda, articulates, “The creation of art is one of the most important things on the planet, and at Aston Martin, we articulate the soul of our brand through art and beauty.” With its triumphant return to the Miami skyline, the Aston Martin Residences exemplify a harmonious fusion of luxury, artistry, and innovation in the realm of real estate.

Photo via Aston Martin Residences

Manhattan’s Luxury Real Estate: One High Line and 432 Park Avenue Lead the Way with 19 Prime Contracts Amidst Summer’s Heatwave

By Columbus International,21 August 2023

Last week, the luxury property market in Manhattan continued to move at a slow pace during the hot summer days. However, between August 14 and 18, a total of 19 homes were placed under contract, as reported in Olshan Realty’s weekly real estate transaction report for properties in the neighborhood with prices of $4 million or more.

The most prestigious contract of the week was awarded to a condominium located at 500 West 18th Street. This marks the fourth time that the Witkoff Group, led by Steve Wikoff, and Len Blavatnik’s Access Industries have secured the top contract of the week with their One High Line project. Unit PH32A, which was initially listed at $25 million, saw its price drop by $3 million from its launch in 2018 when it was known as the Xi. The project, consisting of two buildings – a hotel and a residential property – faced a foreclosure of over a billion dollars two years ago before being reintroduced to the market. The 5,700-square-foot apartment boasts five bedrooms and 5.5 bathrooms. Its standout features include a spacious kitchen, a 48-foot living area, and a living room that opens onto a 240-foot loggia. Residents can enjoy amenities from the adjacent Faena Hotel, such as a fitness center, a 75-foot lap pool, a golf simulator, and spa facilities.

The second-highest priced unit to go under contract last week was unit 63B at 432 Park Avenue. Originally listed at $24.5 million, the price was reduced from the $28 million it was listed for when it hit the market in February 2022. This corner unit spans 4,000 square feet and offers three bedrooms, 4.5 bathrooms, and 10×10 windows that provide views of Central Park, the city skyline, and the river. The unit features 12.5-foot ceilings and was purchased by the seller for $24.6 million in 2016. The supertall building located on Billionaire’s Row boasts 96 stories and offers top-notch amenities including a fitness center, a 75-foot lap pool, a private dining room, a garden, and a children’s playroom.

Of the 19 properties that were placed under contract last week, 14 were condominiums and four were co-op units. The only townhouse that was placed under contract belonged to the late Stephen Sondheim. The home of the eight-time Tony Award winner, located at 246 East 49th Street, was listed for sale in July with an asking price of $7 million. The combined asking price for all the properties amounted to $167.6 million, resulting in an average price of $8.8 million and a median price of $5.8 million. On average, properties remained on the market for 657 days and received a 9 percent discount.

Real Estate: Milan 2023’s Booming Rental Market Revealed by Immobiliare.it’s Room Observatory

By Columbus International,18 August 202318 August 2023

626 euros per month is the average for the monthly rent of a single room in Milan in 2023, a stable price (+1%) compared to last year but still the most expensive in Italy. This is what emerges from the latest “Osservatorio sulle Stanze” (Rooms Observatory) by Immobiliare.it. But is this amount the same throughout the city of Milan? The answer is no, and here is the neighborhood-by-neighborhood breakdown of how much you pay for a single room in different areas of Milan. The most expensive areas The Porta Venezia – Centro – Porta Genova triangle represents the gold podium of rentals: those who want to secure a single room in these three prestigious neighborhoods must be prepared to pay more than everyone else. The prices here have reached:

– 871 euros in the Genova, Ticinese area, after an annual increase of 29%
– 769 euros in the Porta Venezia, Indipendenza area, with a +22% compared to 2022
– 758 euros in the Centro area, +10% compared to last year

Where you spend less

However, there are areas where the city offers opportunities for savings compared to the city’s average. It must be said, though, that in no area do you ever spend less than other more populous Italian locations for out-of-town students. Milan, even where you save, remains the most expensive overall. For those who don’t want to give up the city but want to try to spend less than colleagues living in the center, here are the three cheapest zones:

– Napoli, Soderini, where a single room costs an average of 536 euros per month – Zona Forlanini, with 553 euros
– Udine, Lambrate, where the average spending is 567 euros (a figure not far from the average of Abbiategrasso and Cascina Merlata)

Where prices have increased the most and the least If so far we have provided an overview of the costs to consider in this new academic year, it is also important to pay attention to the areas of the city that have appreciated the most in the last 12 months.

Landlords who rent out their apartments, divided into rooms, have seen the value grow the most if the property is located in one of these five areas:

– Genova, Ticinese 871 €
– Maggiolina, Istria 609 €
– Precotto, Turro 605 €
– Porta Venezia, Indipendenza 769 €
– Navigli 715 €

On the other hand, those who have seen the price for a room appreciate less are those in this last ranking:

– Quadronno, Palestro, Guastalla 682 €
– Solari, Washington 637 €
– Napoli, Soderini 536 €
– Forlanini 553 €
– Cenisio, Sarpi, Isola 657 €

New York City’s Urban Renaissance: from Offices to Homes, Unveiling the City’s Bold Transformations

By Columbus International,17 August 2023

There has been significant discussion surrounding the transformation of office spaces into residential properties in New York, accompanied by inquiries into the entities successfully executing these endeavors.

An analysis conducted by The Real Deal delved into alteration permits filed between 2022 and 2023, revealing the most substantial office-to-residential conversion projects.

The following are summaries of the five most notable ventures:

25 Water Street

Following the inauguration of Harry Macklowe’s One Wall Street in March, the mantle for the largest office-to-residential conversion in the country shifted to 25 Water Street. This project involves altering over 900,000 square feet of the building’s 1.1 million square feet. Formerly recognized as 4 New York Plaza, this 22-story office edifice previously housed notable occupants like the New York Daily News, American Media, and J.P. Morgan Chase. In the wake of the pandemic, these entities vacated the premises. The property was acquired by GFP Real Estate and Nathan Berman’s Metro Loft Management for $250 million in December. Their vision encompasses adding 10 additional floors and reimagining the interior to create open and well-lit spaces, including courtyards. Anticipated to yield around 1,200 rentals, the apartments will span from studios to four-bedroom units, accommodating approximately 50 residences on each floor. Certain units will feature 10-foot ceilings and dedicated home office spaces.

160 Water Street

The transformation of this 487,000-square-foot former office building in the Financial District is overseen by architecture firm Gensler. The project entails augmenting the existing 24-story structure by five floors. The resulting 586 rental units will enjoy access to shared amenities such as a rooftop terrace, gymnasium, co-working areas, dining spaces, a bowling alley, and a spa. The expansive redesign and expansion have secured financing through a $272.5 million loan from Brookfield Real Estate Financial Partners. Vanbarton Group, the developer, intends to reconfigure the building’s facade as part of the revitalization. Occupants are expected to begin moving in starting September 2024.

55 Broad Street

Located in proximity to the site of Lower Manhattan’s forthcoming tallest residential tower at 45 Broad Street, Silverstein Properties and Metro Loft Management are collaborating on the conversion of 55 Broad Street. This office building will be transformed into 571 market-rate rental units. The acquisition of the property, made in July from Rudin Management at a cost of $172.5 million, involved the former owner retaining a stake in the project. Recent permits filed in August have designated 49 Broad Street as the locus for a construction endeavor encompassing more than 400,000 square feet. This entails the addition of six stories to the existing 30-story structure. Among the amenities planned are a private club, fitness facilities, co-working spaces, and a rooftop pool featuring a landscaped sundeck and grilling area. The construction is slated to commence this month.

650 First Avenue

Acquired by Lalezarian Properties for $33.5 million on March 23, this eight-story office building in Murray Hill received the green light from the Department of Buildings for conversion into residential spaces. Upon completion, the property will encompass 23,000 square feet of commercial area and over 116,000 square feet of housing, according to official filings.

330 West 42nd Street

In Midtown, Resolution Real Estate is embarking on a significant undertaking involving the partial conversion of the McGraw-Hill Building at 330 West 42nd Street. As a designated city landmark with 33 stories and art deco architecture, the tower will witness the transformation of more than 560,000 square feet into 224 rental units. These units will span from studios to two-bedroom residences and will occupy floors 12 through 32. Notably, the renovation, totaling $100 million, will not impact office contracts; corporate lessees will continue to rent space on the lower floors. Prior to this overhaul, the owners expended $40 million to restore the building’s historic appearance, which included the removal of non-historical windows along one of the city’s prominent thoroughfares.

Unleashing Miami’s Magic: Where Irresistible Vibrancy Meets Unstoppable Real Estate Growth and Celeb Allure

By Columbus International,10 August 2023

Miami, the city with a thousand facets, continues to amaze with its irresistible vitality. In fact, it is in constant advancement, with rising property values and businesses relocating here at a steady pace. This real estate phenomenon is just beginning: we can liken it to the second inning of a nine-inning game. An epic exodus is underway, with companies moving, workers seeking opportunities, and families choosing to settle here in an unprecedented phenomenon.

The words of the co-founder of E11EVEN, spoken during an interview on “Mornings with Maria,” shed light on an extraordinary phenomenon. In 2022, Florida witnessed an exceptional influx of new residents, mainly from states with a Democratic tendency and characterized by high taxes. Data from the National Association of Realtors reveal that around 319,000 Americans have chosen to make this land their new refuge. This increase corresponds to almost 2 percent population growth, well above the modest national growth rate of 0.4 percent recorded in the United States between July 2021 and July 2022. This influx of new residents is largely attributable to the power of “word of mouth.”

Enthusiastic accounts from those who have experienced Miami’s lifestyle spread like a spell, contributing to this epochal exodus. Anyone who has spent time here cannot help but share with friends and family how extraordinary it is to live in this city. Life in Miami is synonymous with unforgettable moments with family, of a quality of existence beyond the ordinary. This form of advertising, based on real experiences, represents the true driving force behind everything surrounding Miami. Amidst a wave of crime that has affected the entire nation, some people from Democratic-leaning states are searching for safer cities. This is where Miami stands out as the “best choice.”

Commercial real estate in Miami is anything but ordinary. It is, in fact, an anomaly within the United States. While uncertainties are observed elsewhere, in Miami, office buildings are being constructed with confidence and determination. Speculative projects for top-notch office spaces are becoming reality, thanks to the rapid occupancy of existing spaces. The city is a real estate dynamo, a case study that skillfully balances demand and supply in an exceptional manner. An unparalleled ferment characterizes it, and the prospects are astounding. In summary, Miami shines like a guiding star in the real estate ocean. Its unstoppable growth, the security it offers, and the exciting forecasts make it a beacon of hope in a rapidly evolving global landscape.

Brooklyn’s Real Estate Renaissance: A Thriving Market Amidst Urban Evolution. Here Is The Outlook For Brooklyn

By Columbus International,8 August 2023

New York’s real estate scene is buzzing with excitement, and the spotlight is firmly on Brooklyn. Recent outlooks reveal a remarkable transformation that has taken the borough by storm. Bed-Stuy is evolving into a modern-day Fort Greene, while Prospect Lefferts Gardens is swiftly becoming the new Park Slope. Venture down Tompkins or Nostrand for dinner, and you’ll witness firsthand the dynamic results of this urban boom. What’s more, Flatbush and East New York are breaking free from decades of stagnation, showcasing early signs of a striking revival.

Contrary to the headlines that often focus on New York’s upscale retail market challenges, Brooklyn is spearheading a retail revolution. A decade of transformative changes has left many neighborhoods craving more commercial options, igniting a wave of opportunity for local entrepreneurs. Their retail concepts are flourishing, driving them to establish multiple thriving locations in quick succession.

With commercial spaces available for as little as $5,000 to $10,000 per month on attractive avenues, the borough is fostering a bold entrepreneurial spirit that’s redefining its landscape.

Surprisingly, residential rents and prices have surged upward, defying expectations. Several factors fuel this ascent. Building new homes has become an uphill battle since the pandemic hit. Inflation has driven costs to unprecedented heights, straining budgets. Skilled labor and construction workers are in short supply, causing delays. Obtaining construction permits from local governments has turned into a lengthy process.

Moreover, New York State discontinued the critical tax abatement program known as 421A, a lifeline for developers and investors aiming to create market-rate rental housing. This absence has caused a virtual halt in new construction, contributing to a scarcity of available units.

Another factor lies in the transformation of New York City’s rental landscape. Historically, approximately 60,000 new rental units were added annually, a paltry figure for a global hub with nearly 9 million residents. However, a 2019 legislative decision eliminated the conversion of regulated properties into free-market housing, wiping out a significant chunk of supply virtually overnight.

This shift dramatically decreased investment demand, eroding values and exacerbating the dearth of free-market properties, ultimately making them more coveted and valuable.

As the city rebounds from the population exodus triggered by Covid-19, New York is on the path to recovery. Brooklyn’s allure is undeniable, attracting a wave of returning individuals, making it an attractive destination for investors. And while interest rates climb, they are outpaced by rising rents, painting a rosy picture for those considering long-term investment opportunities.

Despite a temporary dip from March 2022 to February 2023, largely due to the steepest interest rate surge in four decades, Brooklyn’s market remains steadfast. Multifamily properties are experiencing a renaissance, hitting all-time pricing highs in many neighborhoods. The allure of a 15% rent hike since February 2020 has enticed investors back into the fold, especially as higher interest rates become more justifiable. In the grand scheme, one thing is crystal clear: the need for increased housing development is undeniable. There’s a glimmer of hope on the horizon, with changing mindsets among city leaders. Governor Kathy Hochul, in particular, has unveiled an ambitious housing plan targeting the construction of 800,000 new residential units over a decade.

Despite initial setbacks, this signals a promising shift in policy. But it’s time for unity, not division. To ensure the Big Apple’s ongoing growth, it’s imperative that stakeholders and local communities unite in a harmonious dialogue. Only through collective effort can we realize the true potential of New York City’s real estate landscape, a hallmark of a civilized and world-class metropolis. If Brooklyn wishes to hold its winning streak, the State of New York must play its part. Supporting the borough’s vibrancy and inclusivity is paramount, echoing the sentiment that resonates throughout the entire city and across the nation. As Forbes aptly states, in the end, it’s a win-win for everyone.

Real Estate: Elevating Milan’s Skyline, The Majestic A2A Tower Redefining Urban Elegance. Explore Further News

By Columbus International,7 August 2023

An ambitious architectural project is beginning to take shape in the heart of Milan: the creation of the new A2A Tower. In the coming months, or perhaps as early as the upcoming autumn season, construction will commence on this grand structure, set to redefine the appearance of Porta Romana as it rises impressively over 28 floors, reaching a height of 145 meters.

The task of shaping the tower has been entrusted to the architecture firm led by Antonio Citterio and Patricia Viel. The design will be a symphony of modernity and elegance: an oval-shaped base, enveloped in glass walls, will embrace a total surface area of 37,000 square meters, including the base spaces. The building will undoubtedly be one of the tallest in the city, and its structure will house a variety of functions. The initial twelve floors, for instance, will transform into office spaces, creating a stimulating and innovative work environment. However, at a height of around 60 meters, around the twentieth floor, a genuine suspended garden will emerge, offering an atmosphere of tranquility and nature that blends with the surrounding urban energy.

This green paradise will be accessible from one of its sides, opening its doors to contemplation and recreation. As one ascends towards the sky, an additional eight floors of office spaces will stand, crowned by a striking “belvedere” that will offer breathtaking views of the city to the citizens of Milan and visitors alike. In numerical terms, it is estimated that the tower could accommodate a working community of approximately 1,500 individuals, all integral parts of the company. Yet, the impact of the A2A Tower goes beyond its work-related function. This architectural gem will transform the surrounding urban landscape, a vertical revolution that will shed new light on the entire neighborhood. Surrounded by an ambiance of water and framed by green spaces, the glass structure will enchant onlookers and give rise to a new landscape identity. The inauguration of this magnificent creation appears to be planned in conjunction with the anticipated event of the 2026 Winter Olympic Games.

Despite financial details not yet being disclosed, former A2A CEO Luca Valerio Camerano had suggested in June 2019 that the project would find its financial backing, also offering value-added opportunities for shareholders. An important aspect of the new tower’s construction process involves the rationalization of the energy company’s real estate properties. Seven buildings in Milan, including the current headquarters at Porta Vittoria, will be divested, allowing for the concentration of the 1,500 employees within the spectacular new headquarters. The existing locations will remain intact for those directly involved in essential operations, such as Amsa and the immediate intervention of Unareti.

NYC Roars Back: Recaptures 99% of Pandemic Jobs, Yet Economic Gains Dance to Different Beats

By Columbus International,4 August 2023

New York City‘s private sector job market has successfully rebounded to pre-COVID-19 levels, although the recovery varies significantly across different industries. The recent analysis was hailed as positive news for the city’s economic outlook by State Comptroller Thomas DiNapoli. He emphasized that while sectors like securities, transportation, warehousing, and offices have displayed resilience and growth, others such as retail, restaurants, construction, and tourism are still struggling to catch up with the national recovery pace.

This study sheds light on the ongoing challenges that New York City continues to grapple with following the economic disruptions caused by the COVID-19 pandemic. The analysis comes shortly after the conclusion of a three-year-long national emergency officially declared by the federal government.

As of March 2023, New York City has managed to restore 99.4% of its total private sector employment figures from March 2020, when the initial cases of coronavirus were reported in the state. Specifically, the analysis reveals a 6.41% surge in securities-related positions, totaling 192,700 jobs, between March 2019 and March 2023. Office jobs also experienced a 3.72% increase during the same period, amounting to a total of 1,513,100 positions, despite a 22% current vacancy rate in commercial office spaces. Transportation and warehousing sectors exhibited modest growth, reaching 130,300 positions. However, the arts, entertainment, and recreation industry underwent a substantial decline of 14.59%, leaving a total of 79,600 jobs, down from 93,200 in 2019.

Tourism faced a similar setback, losing 14.50% of its workforce, which now stands at 243,153 jobs. Retail experienced a reduction of 12.65%, with employment dropping from 343,900 jobs in March 2019 to 300,400 jobs in March 2023. Construction jobs saw an 8.07% decrease, totaling 145,900 positions across the city’s five boroughs. Furthermore, the restaurant sector encountered a 4.54% decrease in staffing.

In total, New York City’s private sector employment currently stands at 4,078,300 jobs, reflecting a 1.06% overall increase compared to the 4,035,500 jobs recorded four years ago. DiNapoli cautioned that industries facing ongoing challenges, including the arts, hospitality, and retail sectors, must regain a substantial number of jobs to ensure the stability and long-term growth of the positions that have already been restored. He emphasized the importance of these sectors, which collectively employ hundreds of thousands of workers, in contributing to a robust and inclusive economic recovery that benefits all residents of New York City.

Unlocking Luxury: The Preferred Choice for Milan’s High-End Homeowners. Source: Nativo/Idealista News

By Columbus International,2 August 2023

Owning a luxury residence in Milan can be a stroke of luck: in these cases, it’s a small treasure to be carefully managed, whether you choose to sell or generate income. According to Nativo, a company specialized in luxury short-term rentals, the latter option is preferred by luxury homeowners in Milan. According to co-founders Sara Lini and Adriano Frigoli, here are the reasons why more and more luxury property owners in Milan prefer renting over selling. According to Nativo’s data (Nativostay.com), over 30% of luxury property owners who approach them are considering both selling and renting, but almost all of them opt for renting after a thorough analysis of the market and economic factors. In short, the key factors that often determine the choice between selling and renting a luxury home in Milan are: inflation growth, difficulty in finding viable alternative investments – both in the real estate and stock markets, and government bonds – rising mortgage rates, and the increasing demand for luxury rentals influenced by events like Brexit or the introduction of a flat tax, as well as more fluid lifestyles that require greater mobility.

The reasons for choosing to rent a luxury home in Milan are diverse:

Protection against inflation: Firstly, the luxury rental sector represents a protected segment within the real estate market. A luxury property is considered a solid asset against inflation and an option that safeguards long-term investment returns.

Difficulty in investing sales proceeds: Currently, there are no convenient and alternative solutions to invest the liquidity generated from selling a luxury property. The instability of the stock market, compounded by geopolitical factors and rising commodity costs, makes residential real estate investment in Milan more profitable compared to other options, such as government bonds. For example, renting a two-bedroom apartment in Milan with an open-ended lease averaging a gross annual yield of 5.5% for the owner, which proves to be more lucrative than government bonds, generating revenue of 3.75%.

Limited supply of luxury properties: Another aspect to consider, for those who temporarily leave Milan but intend to return, is the difficulty in finding a luxury property in the city. Demand consistently exceeds supply, and many properties are owned by families who do not require liquidity, so those who own a beautiful apartment often hold onto it.

Olympic Games effect: Additionally, the Olympic Games effect should not be overlooked. Many believe that prices will continue to rise at least until 2026, which is why they choose to generate income from their assets until the market reaches its peak.

ECB interest rate hikes: Looking at the economic context, the European Central Bank’s tight monetary policy has led to a significant increase in mortgage interest rates. This means that those who purchased a property in the past at lower rates would end up paying much more if they decided to purchase another one, consequently losing the advantage of the previous rate.

Growing rental demand: Other factors influencing the choice to rent instead of selling involve the growing demand for rentals from high-spending foreigners, making this segment particularly lucrative. Many of Nativo’s tenants come to Italy to take advantage of the flat tax, while others arrive after having lived in London for an extended period due to Brexit. In general, it’s becoming increasingly clear that Milan is attracting a great deal of talent, including successful executives and entrepreneurs, which naturally drives strong demand for luxury rental properties.

Greater flexibility: Lastly, changing lifestyles and work patterns make it challenging for property owners to predict where they will live in the future. Flexibility becomes a crucial aspect, and renting offers the opportunity to keep options open for potential future use of the property.