New York City Mayor Eric Adams revealed his comprehensive plan, “Race for Space,” on Monday. The strategy aims to revitalize and reimagine office space in all five boroughs, with a focus on creating thousands of new jobs to boost the city’s economy. The initiative is looking to attract both national and international companies as anchor tenants, with a goal of filling 50 million square feet by the end of 2025.
Andrew Kimball, president and CEO of the New York City Economic Development Corporation (NYCEDC), stated that while NYC’s economy has seen record high job numbers and labor force participation, Mayor Adams’ “Race for Space” takes decisive action against vacant and aging offices while building upon previous successes.
The pillars of this initiative include:
– Launching a pilot program called “Relocation Assistance Credit for Employees” (RACE) which will incentivize out-of-state companies to move their operations to NYC by signing leases for at least 20,000 square feet in qualifying office buildings.
– Establishing an “International Landing Pad Network” that will support growth-stage international companies as they expand into New York City.
– Opening up applications once again for the Manhattan Commercial Revitalization Program (M-CORE) until May 1st.
The image shows one early participant in M-CORE: 850 Third Ave. located in Midtown Manhattan.
