COMMERCIAL OBSERVER TO HOST HIGHLY ANTICIPATED STATE OF OFFICE FORUM AT VORNADO REALTY TRUST'S PENN 2 AS DATA SUGGESTS RECOVERY IS UNDERWAY & POINTS TO INCREASE IN DEMAND FOR TROPHY ASSETS

NEW YORK, May 16, 2024 /PRNewswire/ -- Commercial Observer, the premier media and information services platform connecting and informing commercial real estate leaders, will host its highly anticipated State of Office Forum at PENN 2 in THE PENN DISTRICT on Thursday, May 16.

While office vacancies across aging assets have spurred many headlines about office-to-residential conversions, elite Class A office spaces are experiencing a separate narrative and the outlook is hopeful. As the flight to quality continues, New York City is not only seeing an increase in back-to-office policies fueling critical business districts but is also facing a shortage of high-end office supply. This dichotomy, shaped by aging assets set against futuristic new developments, suggests that the state of office is far more complex than reports suggest.

HOSTED AT THE TOWN HALL AT PENN 2, EVENT ATTENDEES WILL GET A BEHIND-THE-SCENES LOOK AT THE BEST-IN-CLASS REAL ESTATE STRATEGIES DRIVING OFFICE OCCUPANCIES

"Vornado is happy to host this important conversation at PENN 2, a newly transformed 1.8 million square foot building in the epicenter of New York that exemplifies the future of work and the ideal location for Commercial Observer's State of Office Forum," said Glen Weiss, Executive Vice President, Office Leasing and Co-Head of Real Estate at Vornado Realty Trust. "The curation of THE PENN DISTRICT has transformed the neighborhood around Penn Station into a dynamic connected office campus at the doorstep to Manhattan's new west side for tenants and visitors. PENN 2, along with neighboring PENN 1 has created an incredible amenity-rich environment to meet the needs of today's leading companies."

"In the evolving landscape of corporate America, we are continuing to see companies mandate return to office policies, marking a pivotal shift in workplace expectations and market dynamics. In this highly bifurcated market, occupiers have newfound expectations and objectives for their office space," said Bruce Mosler, Chairman, Global Brokerage, Cushman & Wakefield who is spearheading PENN 2 leasing efforts with Executive Vice Chair Josh Kuriloff. "PENN 2 stands at the forefront of this transformation, embodying the office of the future where connectivity, hospitality, sustainability and community converge. PENN 2 is a prime example of exceeding the expectations of today's workforce, featuring collaborative spaces filled with light, air and green space, alongside meeting the highest ESG standards while offering great accessibility to major public transportation hubs. PENN 2 is a beacon of innovation, creating a 24/7 live-work-play campus, which is a critical part of exciting and inspiring employees to return to the office. Vornado's commitment to anticipating and fulfilling the evolving needs of the modern workforce positions PENN 2 not just as a great physical space, but as a thriving ecosystem that champions progress, well-being and environmental stewardship."

Commercial Observer's move to retitle the event from "State of CRE" to "State of Office" is in and of itself a statement of support for office recovery. "The office sector is vital to New York City's longevity and there have been many exciting developments that have been muted by thinking that work from home is here to stay," explained Observer Media CEO James R. Freiman. "We're thrilled to host this as a dedicated office event and to build awareness around what's actually working in today's market. Hosting the event at PENN 2, a world-class property at the center of the new Penn District, is a direct reflection of the event's theme as we discuss winning workplace strategies that are engaging top talent through modern urban campuses."

AN EXECUTIVE-LEVEL AUDIENCE CONVENING THE MOST PROMINENT LEADERS DRIVING THE OFFICE RECOVERY

This extremely timely event, which will convene 250+ executive- and C-suite level commercial real estate professionals, has lined up industry veterans to discuss the nuances of office development and leasing in today's rapidly changing market.

Speaker highlights include:

• Glen Weiss, Executive Vice President, Office Leasing & Co-head of Real Estate, Vornado Realty Trust
• Bruce Mosler, Chairman, Global Brokerage, Cushman & Wakefield
• Spencer Levy, Global Client Strategist & Senior Economic Advisor, CBRE
• Maria Torres-Springer, Deputy Mayor for Housing, Economic Development & Workforce, NYC
• Melissa Burch, COO, New York City Economic Development Corporation
• Christina Chiu, President, Empire State Realty Trust
• Brian Feil, Principal, The Feil Organization
• Ryan Simonetti, CEO & Co-Founder, Convene

Program topics and highlights include:

• Exclusive, behind the scenes look at PENN 2, one of New York City's newest high-performance mixed-use developments
• Data and statistics that uncover the true state of office in New York City and share why New York's office market is outpacing recovery in other major markets
• Three keynote sessions covering topics ranging from global office outlook to New York City's public-sector support of office, and a case study on one of the most innovative corporate properties to hit the market
• A high-level view of the state of CRE: capital markets, economic triggers & the future of office
• The data & workplace strategies pointing to an office uptick
• The tenant's perspective: what's really driving workplace demand today
• The cost of doing business in a market demanding innovation: tech, high-end amenities & LL97 compliance

ABOUT COMMERCIAL OBSERVER
Commercial Observer is the leading commercial real estate media and information services company, delivering high-impact content, events and platforms designed to connect and inform industry participants of key trends and people defining the global real estate landscape. Commercial Observer reaches a national audience of the most active real estate owners/developers, corporate occupiers, brokers, investors, lenders, leasing professionals, tech firms, public officials, contractors, architects, attorneys and accountants, as well other business owners and key decision-makers impacting the trajectory of the building industry. The company holds its reporting to the highest editorial standards with a strong commitment to fairness and accuracy. Commercial Observer is a unit of Observer Media, a company which informs and connects leaders in industries undergoing disruption to help them innovate, grow and make smarter decisions. For more information, please visit www.commercialobserver.com.

Contact:
Kate Harrington
Commercial Observer
(413) 358-5397
[email protected]

Sarah S. Berman
The Berman Group, Inc.
(212) 450-7300
[email protected]

SOURCE Commercial Observer