The Interview: Bill Rudin on why the office market may be more resilient than you think

Chair of REBNY & Rudin Management on the great WFH experiment, property taxes and why a crisis is a terrible thing to waste

TRD New York /
Jun.June 02, 2020 09:00 AM

Bill Rudin is betting on the office as a magnet for human connection.

“We live in a real world where human interaction is critical,” Rudin, the head of Rudin Management and the chair of the Real Estate Board of New York, said in a conversation with The Real Deal‘s Hiten Samtani. He was responding to the recent announcements by major tech companies including Facebook and Twitter that they would be transitioning to a partially remote or remote-first work environment.

“Headlines are that the real estate market’s going to collapse, and that the big cities are going to be set back,” he said. “We’ve had setbacks before, and we’ve figured out ways to recreate ourselves.”

(Watch more of The Interview, a series of in-depth conversations with real estate leaders and newsmakers hosted by Hiten Samtani, here.)

Rudin said that for every company that chose to reduce its footprint, there would be upstarts that would take their place.

“Five years ago, if I said to you, ‘well TikTok’s going to come to New York,’ people would say, ‘what’s a TikTok? Is that the watch on your wrist?,'” he said, referring to the 232,000-square-foot deal the video-sharing app just signed at Durst Organization’s One Five One (formerly 4 Times Square).

Rudin is on Gov. Andrew Cuomo’s council to reopen New York’s economy, and spoke about the discussions members are having, such as measures that buildings and construction unions will have to take. He and Samtani also discussed REBNY’s recent call on the city for property-tax relief — a move that’s in sharp contrast to what major landlords did during the city’s fiscal crisis in the 1970s, when they prepaid their taxes.

“The difference is now it’s not just about New York,” Rudin said. “We just said, be cognizant of, we cannot go forward and increase tax burdens that are significantly higher than other places, and create an environment in which we’re not competitive anymore.”


Related Articles

arrow_forward_ios
The Chicago area is one of the most at-risk nationwide to rising home foreclosure rates, according to a recent report (iStock)

Treading water: Chicago housing market among most at-risk to foreclosure, report shows

Treading water: Chicago housing market among most at-risk to foreclosure, report shows
One Bennett Park’s Lawn Bowl, Optima Signature, and JeffJack Apartments

Privacy is the newest amenity

Privacy is the newest amenity
CCC Information Services’ CEO Githesh Ramamurthy and 167 North Green Street in Fulton Market. (Ramamurthy courtesy McKinsey & Company; 167GreenSt)

Corona cut: Software products firm trims lease space at Shapack’s 167 N. Green

Corona cut: Software products firm trims lease space at Shapack’s 167 N. Green
Sterling Bay’s Andy Gloor and Baird & Warner’s Steve Baird

Baird & Warner, Sterling Bay secured big PPP funds

Baird & Warner, Sterling Bay secured big PPP funds
The coronavirus pandemic led to a 35% drop in new residential projects

Residential construction starts have cratered in Chicago

Residential construction starts have cratered in Chicago
Gov. J.B. Pritzker (Getty)

These landlords are suing to toss out Pritzker’s eviction ban

These landlords are suing to toss out Pritzker’s eviction ban
The Robert De Niro and the Nobu Hotel in Fulton Market, which will open July 1. (Credit: Andrew Toth/Getty Images, and Google Maps)

Listen to me carefully: De Niro-backed Nobu Hotel will finally open

Listen to me carefully: De Niro-backed Nobu Hotel will finally open
Home sales tanked in Chicago in May, but more recent data has shown an uptick in homes under contract. (iStock)

Coronavirus sent Chicago home sales to new low in May

Coronavirus sent Chicago home sales to new low in May
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...