Real estate steal
With many companies exiting their office spaces in Manhattan, it’s created an opportunity for organizations that are interested in actually expanding their footprint to snag a good deal. Creative agency Bullish is looking to capitalize on all the empty space after its lease expired in July. Currently, the New York-based agency is completely virtual, says Michael Duda, managing partner at Bullish. And while, right now, there’s no pressure to return to the physical office any time soon, he says the agency is taking advantage of fashion companies and the like leaving their offices dormant. “We can get favorable rents,” he says. “It is a once-in-a-lifetime experience for real estate.”
Bullish is currently looking at spaces, even though Duda doesn’t expect employees to return to the office until January at the earliest, simply because the time is right to get a deal. “Everyone in Midtown is looking to trade down to a smaller space, I am hearing from brokers,” he says. Bullish is in the market to get more space than they actually need because of the potential for a favorable deal. It will allow people to have more space to spread out. “There’s a lot of inventory out there and I don’t see a mad rush to snap it up,” Duda says.
Ultimately, Duda believes in real-life office experiences, saying working remotely doesn’t benefit all employees, especially younger team members. “There’s something about water-cooler culture that you can’t get on Zoom.” That being said, he says the agency will be more agile moving forward and right now realizes people in New York City don’t want to commute.