Short-Term Lease Renewals Soared During the Pandemic -- That Trend Is Reversing in NYC

When the coronavirus pandemic first hit, New York City office and retail REITs (real estate investment trusts) got hammered. It's not surprising, then, that leasing activity across New York City remained sluggish for much of the pandemic. After all, companies didn't want to renew office building leases at a time when the future of in-person work was so unknown, and retailers didn't want to renew their leases when it was unclear as to when they'd be able to welcome back customers at full capacity.