By Michael V. Cusenza
Mayor Eric Adams on Monday kicked off “Jobs Week” by unveiling “Race for Space,” his administration’s strategy to “revitalize and re-imagine” the extensive stock of vacant office space across the five boroughs.
Race for Space would attract both national and international companies to become anchor tenants – large, well-known businesses in search of large commercial space – at offices, advance an ambitious goal of 50 million square feet by end of 2025, and create thousands of jobs over the next three years, according to Adams.
“Race for Space” highlights include:
- Launching a pilot “Relocation Assistance Credit for Employees” program, which will incentivize out-of-state companies to move to New York City and sign leases for at least 20,000-square-feet of space at qualifying office buildings. Under this new program, the Adams administration is targeting 15 new anchor tenants by the end of 2025, activating over 800,000 square feet of office space and bringing an additional 3,000 jobs to New York City. The existing Relocation and Employment Assistance Program incentive program will also be extended for an additional five years. REAP offers business income tax credits for relocating jobs from outside of New York City or below 96th Street in Manhattan to designated locations above 96th Street in Manhattan or in one of the other four boroughs.
- Creating a new “International Landing Pad Network,” which will support growth stage international companies in their expansion to New York City, attract new sources of innovation and investment, and grow jobs for New Yorkers.
Last week, Adams trumpeted Gotham job numbers. He said that the City set another record for an all-time high total number of jobs in its history, with 4,770,981 total jobs, according to new data released by the State Department of Labor. It marked the eighth time the Adams administration has broken the all-time high jobs record since Hizzoner entered office in 2022. Included in the all-time high jobs number is an all-time high private-sector job record with 4,197,501 jobs.
“The ‘Race for Space’ has officially started – and New York City is ready to fill our commercial office spaces with domestic and global companies, attract the very best talent, and create thousands of good-paying jobs,” said Adams. “When our administration sees vacant space, we see opportunity – an opportunity to revitalize and re-imagine places like Midtown into economic engines and an opportunity to give New Yorkers access to good-paying jobs.”
Adams also said new programs like “Race for Space” will make the Big Apple “the best, more affordable place to raise a family, starting with delivering the best jobs on the globe.”
City Economic Development Corporation President and CEO Andrew Kimball added, “While New York City’s economy has hit record high jobs and labor force participation, Mayor Adams’ ‘Race for Space’ initiative takes decisive action against the ongoing challenge of vacant and aging offices, while building upon the success we have had so far. From new relocation incentives to a new ‘International Landing Pad’ for foreign companies, this package will be a shot in the arm for the commercial real estate community, reactivating our offices while creating even more jobs for New Yorkers.”
