Albert Dweck of Duke Properties on the real value behind New York’s surging demand and long-term strength.
While market headlines often focus on short-term fluctuations, the real story of New York City’s commercial real estate lies not in stock performance, but in the unmistakable surge of leasing activity, business confidence, and urban revival.
In fact, Manhattan’s office leasing market has reached its strongest point in two decades, signaling a resurgence of corporate faith in the city’s economic engine. As Albert Dweck of Duke Properties notes, “The market is telling a different story than the stock ticker. Demand is back, and it’s real. Companies are investing in space, and people are investing in New York’s future.”
While office stocks have shown mixed results in 2025, the underlying fundamentals reveal a city regaining its stride — one lease, one building, and one neighborhood at a time.
A Market Built on Fundamentals, Not Fear
New York City’s commercial real estate market continues to defy the skeptics. The recent surge in office leasing activity — the highest in 20 years — demonstrates renewed business confidence, even as some investors remain cautious about public real estate equities.
This apparent disconnect between Wall Street and Main Street highlights a key reality: the city’s property market thrives on physical presence, not speculative sentiment.
Albert Dweck explains it clearly: “What matters most is occupancy, not optics. The real economy runs on people, productivity, and presence — not just stock charts.”
With major firms securing long-term leases across Midtown and Lower Manhattan, Duke Properties views this as confirmation that New York’s office ecosystem is reinventing itself with renewed purpose.
Leasing Boom: Proof of Renewed Confidence
The numbers speak volumes. Major corporations and professional firms are once again expanding their New York footprints. The third-quarter leasing volume reached multi-year highs, fueled by large commitments from global companies seeking modern, well-located workspaces.
These transactions represent more than just square footage — they reflect strategic, forward-looking investments in collaboration, culture, and connectivity.
Albert Dweck sees this as a turning point: “Every major lease signed today is a vote of confidence in New York’s longevity. The city has proven, time and again, that it adapts faster and rises stronger than any other global hub.”
In addition to large corporate tenants, smaller creative firms and tech startups are returning to the city’s commercial corridors, driving diverse demand across Class-A and adaptive reuse office spaces.
The trend reinforces a broader message — New York remains the center of gravity for innovation, finance, and talent.
Why Stocks Don’t Tell the Whole Story
While share prices of some office REITs have lagged this year, that does not reflect the reality on the ground. Market valuations are often influenced by macroeconomic factors — interest rates, bond yields, and investor sentiment — that don’t capture the day-to-day leasing strength or long-term urban trends.
Albert Dweck emphasizes a key distinction: “Stocks rise and fall with perception, but buildings stand for generations. Real estate performance is measured in occupancy, cash flow, and community impact — not quarterly stock swings.”
Indeed, institutional demand for physical assets remains robust, particularly for trophy properties and mixed-use developments that integrate sustainability, wellness, and technology.
As tenants increasingly prioritize high-quality, energy-efficient environments, Duke Properties continues to focus on strategic repositioning and modernization — ensuring that each property aligns with the evolving expectations of tomorrow’s workforce.
The Human Element: Why New York Still Wins
Beyond the metrics and market cycles, New York’s greatest advantage has always been its people. From world-class talent to cultural diversity and global connectivity, no other city offers the same ecosystem of creativity, ambition, and opportunity.
This human capital remains the bedrock of real estate resilience. As companies compete to attract and retain talent, proximity, collaboration, and brand presence are once again top priorities.
Albert Dweck sees this shift as both inevitable and inspiring: “We’re witnessing a reawakening of corporate culture — where leaders recognize that success depends on connection. The energy of New York can’t be replicated over a video call.”
Duke Properties is strategically investing in properties that bridge the gap between community and commerce, ensuring that workspaces feel alive — not just functional.
A Vision for Stability and Growth
While financial markets adjust to changing interest rate expectations and investor caution, the underlying health of New York’s real estate sector remains strong.
Leasing activity is up, trophy rents are stabilizing, and Class-A assets are outperforming expectations. Meanwhile, sectors like data centers, multifamily housing, and mixed-use redevelopment continue to complement the city’s broader growth story.
Albert Dweck believes the coming years will mark a new equilibrium — where resilience, innovation, and adaptability define the modern urban portfolio.
“The future of real estate isn’t about volatility — it’s about vision,” he says. “And our vision at Duke Properties has always been to create spaces that grow stronger with time.”
Looking Ahead
Even as stock prices fluctuate, the real foundation of New York’s economy — its people, its businesses, and its built environment — is growing stronger every day.
The story of Manhattan’s office sector isn’t one of decline — it’s one of transformation. Behind the numbers lies a powerful truth: demand for quality space, connectivity, and innovation remains unmatched.