For years, the narrative has been that remote and hybrid work would permanently reshape the office sector. That’s partly true—but what’s happening right now in cities like New York and Miami is proof that the obituary for the office was written far too early.

The Numbers Don’t Lie

According to Placer.ai, New York City office visits in July 2025 actually exceeded July 2019 levels by 1.3%. That’s the first full recovery of any major U.S. city. Miami is right behind, down just 0.1% from pre-pandemic numbers. For anyone who bet against office in these finance-driven markets, this is a clear wake-up call.

What’s driving it? Finance. When Wall Street says “be in the office,” employees listen. And in Miami, the influx of finance firms relocating headquarters has given the market fresh momentum.

A Symbol of Confidence: 270 Park Avenue

If you want proof of Wall Street’s long-term bet on physical office space, look no further than JPMorgan Chase’s new $3 billion headquarters at 270 Park Avenue. At 2.5 million square feet, this tower isn’t just big—it’s redefining what “trophy” means.

We’re talking 60 stories, 19 dining venues, meditation rooms, and a luxury fitness center. This is more than an office; it’s an ecosystem designed to compete with the comforts of home. Amenities are no longer optional—they’re the baseline.

As a developer, I see this as the new arms race in office: if you want to attract top tenants, you don’t just build square footage, you build lifestyle infrastructure.

The Broader Recovery

Nationally, office visits in July were still down 21.8% from 2019, but that’s the narrowest gap since the pandemic began—and it represents a 10.7% year-over-year improvement. Hybrid work is here to stay, but we’re seeing more consistent in-office presence across sectors.

The Bay Area is gaining traction:

• San Francisco: office visits surged 21.6% year-over-year—a remarkable swing for a market many had written off.

And others are still struggling:

• Atlanta: down 14.8% from 2019

• Dallas: down 18.3%

• Denver: down 40% from 2019, holding onto its remote-first culture.

Leasing Activity Says It All

Data points are one thing—leasing is another. In Manhattan, Deloitte took 800,000 square feet at Hudson Yards before the tower even opened. First-quarter leasing activity hit 12.2 million square feet, the strongest since 2019.

And let’s not forget zoning. The Midtown East rezoning of 2017 was a long-term play that’s now paying off, paving the way for new trophy developments around Grand Central.

The Takeaway

The “return to office” is no longer a trend—it’s the new baseline in markets where finance, law, and other corporate powerhouses dominate.

For developers and investors, the lesson is clear:

• Trophy space will outperform. Premium buildings with world-class amenities are seeing demand accelerate.

• Markets matter. Cities with finance-driven economies are leading, while others with tech or lifestyle-driven cultures are still lagging.

• Physical space is being reimagined. The office still matters—but it matters differently than it did five years ago.

As someone who has built and invested in projects across the country, I can say with confidence: we’re not watching the death of the office—we’re watching its reinvention. And New York and Miami are showing the rest of the country what that looks like.