Impact of Remote Work on Major Office Markets and US Cities
We will discuss trends in remote and hybrid work, its impact on major office markets, and revenue implications for US cities like New York City and Washington, DC.
The workplace is in transition and the future of the office is uncertain. This session will discuss the latest on remote and hybrid work trends and how the commercial real estate market is responding. We will discuss the potential impact on major office markets, what we've observed with rents and vacancies, and revenue and tax base implications for US cities like New York City and Washington, DC.
- Provide an update on remote work trends and how the office market is responding
- Share recent observations about office rents and vacancies in select gateway markets
- Explore implications for city tax bases and revenues
- Case studies on New York City and Washington, D.C.
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SpeakersNaomi Richman Senior Vice President, US Public Finance Moody's Investors Service
Kevin Fagan Director of CMBS/CRE Research Moody's Investors Service
Victor Calanog, PhD Head of CRE Economics Moody's Analytics
Nick Samuels Senior Vice President Moody's Investors Service
David Strungis VP-Senior Analyst Moody's Investors Service
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Naomi Richman is a Senior Vice President in Moody’s Public Finance Group. Naomi manages the PFG Surveillance and Annual Issuer Comment Report teams. She is also responsible for contributing to state and local government analytical initiatives, research and methodologies. Naomi is a former Chair of Moody’s Public Sector Credit Committee, which approved methodologies and policies for global public sector ratings. Naomi has over 30 years of experience in public sector credit analysis at Moody’s including housing, higher education, sovereigns and local governments. Prior to joining Moody’s, Naomi spent four years with the New York City Department of Finance. Naomi holds an MPP from Harvard University and an AB from Bryn Mawr College.
Kevin Fagan is Vice President and Senior Analyst in Moody’s CMBS ratings group, responsible directing CMBS and CRE research endeavors. In this capacity, Mr. Fagan oversees production of CMBS and CRE research publications, methodologies, database and product development, and strategic initiatives for the CMBS group. Prior to joining Moody’s and working in structured finance, Mr. Fagan held CRE research roles at ING Clarion and Jones Lang LaSalle. He was also a professional engineer for eight years, designing commercial buildings in Southern California. Mr. Fagan holds an M.S. in commercial real estate development and finance from the Massachusetts Institute of Technology and a B.S. in architectural engineering from the University of Texas at Austin.
Victor Calanog, Ph.D. CRE® is the Head of Commercial Real Estate Economics at Moody’s Analytics. He and his team of economists and analysts are responsible for the firm’s commercial real estate market forecasting, valuation, and portfolio analytics services.
Dr. Calanog's research has received awards and fellowship support from several institutions, including the Ford Foundation, the Russell Sage Foundation and the Penn Lauder Center for International Business Research.
Nick Samuels is a Senior Vice President for the States and High Profile Ratings Team covering credits for the state of Texas, New York City, and the District of Columbia.
Prior to joining Moody’s, Nick worked for the National Association of State Budget Officers analyzing state fiscal and expenditure trends. Nick holds a BA degree in government from Skidmore College and a Master’s in Public Administration from the George Washington University.