Step Into My Office: New York’s Flight to Experience

<p>Office recovery continues to gain momentum in New York City and demand is spreading beyond newly built and extensively repositioned properties. The Plaza District has stabilized, <a href="https://www.commercialsearch.com/news/what-30-harry-styles-shows-can-do-for-the-penn-district/">activity around Penn Station</a> continues to grow and demand is reaching Midtown South and the Financial District, according to Sage CEO &amp; President Jonathan Kaufman Iger. For existing office buildings, he believes the next competitive phase is shifting from flight to quality to what he calls “flight to experience.” </p><p><br></p><p>In this episode of <em>Step Into My Office</em>, CPE’s Olivia Bunescu talks with Kaufman Iger about how that shift is changing the way New York office properties are operated. While an improved workplace experience cannot resolve an unsustainable capital structure or eliminate the need for physical upgrades, he argues that well-maintained older buildings can compete through consistent service, relevant amenities and stronger support for tenants and their employees. </p><p><br></p><p>Here’s what they touched on:</p><ul><li>Why New York’s office recovery is stronger than headlines suggest (01:40)</li><li>Where stronger operations can change an asset’s prospects (04:32)</li><li>From flight to quality to flight to experience (06:00)</li><li>Capital reinvestment and the needs of older buildings (09:52)</li><li>The small details behind hospitality-driven service (14:33)</li><li>Inside Sage’s flagging model and “surprise and delight” element (15:43)</li><li>Measuring the return on amenities and services (20:34)</li><li>How better operations can strengthen tenant loyalty (26:57)</li><li>Looking beyond the first response (29:27)</li><li>Why branded office properties could become more common (35:31)</li></ul>