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 Ratings
Kevin Fagan Senior Director, Head of CRE Economic Analysis Moody's
Victor Calanog, PhD Head of CRE Economics Moody's Analytics
Nick Samuels Senior Vice President, States Ratings Team Moody's Ratings
David Strungis VP-Senior Analyst Moody's Ratings
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Naomi Richman is a Senior Vice President in Moody's US Public Finance Group. Naomi manages the Surveillance team and Data and Analytics team. She is also responsible for contributing to state and local government analytical initiatives, research and methodologies. Naomi was previously a Managing Director in US Public Finance and Chief Credit Officer for global public sector ratings. Naomi has over 35 years of experience in credit analysis at Moody's, covering state and local governments, housing, higher education, financial guarantors, and global sovereigns.
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 is a senior director and Head of CRE Economic Analysis at Moody’s, responsible for research, thought leadership and strategic initiatives for the Moody's CRE group, with a focus on capital markets and climate risks. He’s the industry member chair of the Commercial Real Estate Finance Council ESG and Sustainability Initiative. He was formerly director of CRE and CMBS research in the Moody’s Investors Service. Prior to joining Moody’s, Kevin held CRE research roles at ING Clarion and Jones Lang LaSalle. He also practiced as a structural engineer, designing large scale commercial buildings in California. Kevin holds an MS from the Massachusetts Institute of Technology and a BS 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.
David Strungis is a Vice President – Senior Analyst for the Chicago Local Governments Ratings Team. Since joining Moody’s in 2012, he has been a lead analyst for many local government credits in the Northeast and Midwest. Before he joined the Chicago team, David participated in numerous rating committees across public finance as a representative of the US Public Sector Ratings and Process Oversight group within Credit Strategy & Standards and has contributed to numerous research projects and methodology working groups. He also published various research pieces, including co-authoring the annual study of US Municipal Bond Defaults and Recoveries. Before joining Moody’s, David served as Mayor Pro Tempore of the City of Lafayette, Colorado (2005-2009). David holds an MPA from the NYU Robert F. Wagner School of Public Service and a BA in Political Science with a minor in Economics from the Metropolitan State University of Denver.