As things are now, I'm not sure what causes rents to drop, but a recession is the asterisk in the conversation. The Fed is taking a baseball bat to the economy and there are more rate increases in store. There is still a tremendous amount of uncertainty.

Jonathan Miller

2021 began with vaccine adoption rates being high, that sent a signal that it was safe to be in the city and sales took off.

Jonathan Miller

2021 set a lot of sales records and yet office towers are still two-thirds empty, the market is expected to tighten up and that's before we see more office workers returning. 2022 is going to be a year of heavy sales volume, a higher share of bidding wars, a sharp decline in listing inventory and higher prices.

Jonathan Miller

A typical amount is 5 % to 7 % of transactions have bidding wars. The high was 31 % in 2015, bidding wars are rising slowly around New York. Heavy sales volume is expected and inventory will not be able to keep up. That will press prices higher this year.

Jonathan Miller

There is an intensity in the Manhattan market, but it isn't at the levels we've seen in the suburbs.

Jonathan Miller

The city is now doing what the suburbs did ahead of it, which is boom.

Jonathan Miller

The higher end of the market is rebounding more quickly and more rapidly.

Jonathan Miller

Prices are not quite back, but very close to being back to where they were pre-pandemic.

Jonathan Miller

There has been a release of pent-up demand that came with a greater perception of safety and activity that is drawing inbound migration from all over the country, now with the relaxation of the Covid travel ban, we expect an uptick of international demand in the coming months. The next leg up will be early next year when corporate America comes back and people return to work in large numbers.

Jonathan Miller

Sales activity surged 229 % over last year.

Jonathan Miller

Compared to last year, the market is more normal, all price sectors are strengthening, it isn't just the top end.

Jonathan Miller

We've seen some attrition across the federal crews and engines, but nothing like the shortages in California.

Jonathan Miller

The focus was on walkability -- buyers wanted to be able to buy strawberries at three in the morning, luxury suburbs, like Greenwich, were skipped over.

Jonathan Miller

It's not going to be a light switch, but the news is starting to get people to be hopeful and think about returning to New York City. Because right now, without a vaccine, it is status quo.

Jonathan Miller

There has been a precipitous drop in the cost of a rental and the expectation is that there is still more of that ahead, until the inventory is eaten up, there is still a lot of runway ahead. We'll be well into 2021 and a vaccine until we get into an uptick in pricing.

Jonathan Miller

People from Manhattan are looking to Brooklyn for space and rents are softening everywhere.

Jonathan Miller

Brooklyn, even though it is weaker than a year ago, has not seen the level of deterioration that Manhattan has.

Jonathan Miller

Over the past few years, we've passed the affordability threshold, with the loss of the ability to comfortably use all the amenities that characterize living in a city -- restaurants, retail, bars, all the cultural events that were at your beck and call as a resident of Manhattan -- people are questioning it. Those were the salve on affordability.

Jonathan Miller

In Manhattan, because of Covid, renters are looking to go to the outer boroughs to get more for their rental dollar if they are staying in the city, other would-be renters in Manhattan are [ now ] the first-time buyers in the suburbs.

Jonathan Miller

The numbers show mobility and mobility is about wealth.

Jonathan Miller

The number is rising, but it is not on par with a year ago.

Jonathan Miller