【CNBC】Zohran Mamdani and the business exodus? New York’s office real estate market is up under new mayor

• Reports last week that Apollo Global Management was planning to open a second headquarters in Florida or Texas renewed talk about a business exodus from New York City due to the new mayor Zohran Mamdani’s tax policies.
• Expansion to southern states is a well established trend in recent years for Wall Street firms and many other corporations. JPMorgan Chase has more workers in its Dallas office than in New York City.
• Manhattan commercial real estate market data for the first quarter of 2026 shows office leasing activity and rents are up while the vacancy rate declines, as corporations continue to sign new leases, with AI companies particularly active.

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