Lowe Enterprises Adopts Hospitality Model for Office Management, Boosting Tenant Satisfaction and Reducing Vacancies
🏠 Manhattan trophy rents exceeded $320/sq ft last year, with Soloviev leasing at $327.50/sq ft at 9 West 57th Street, and 28 leases starting above $200 in 2025. Vacancy is 14.6% at the top, compared to 26% in the broader market. Hospitality-led models like Lowe Enterprises' Hospitality at Work and Hudson Yards are thriving. CBRE reports 53% peak office utilization in 2026, with 82% citing employee resistance to mandates. New York aims to convert obsolete offices into 12,000 apartments.
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