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(New York, NY) — Mayor Adams is unveiling an initiative to revitalize office spaces across New York City. The new effort, dubbed “Race for Space,” will offer credits to incentivize large out-of-state companies to sign leases for at least 20-thousand-square foot spaces at certain office buildings. RACE standing for “Relocation Assistance Credit for Employees,”
The goal is to target at least 15 well-known companies to rent out a total of 800-thousand square feet by the end of this year. The announcement comes as the Adams Administration touts its all-time high jobs record for the eighth time since the mayor took office, with unemployment down across all demographics.
While most areas of the city’s economy have recovered from the pandemic, commercial vacancy rates have remained high due, in part, to remote work.
“We’re going to go bigger and bolder at every stage of the game, bringing in new businesses, even as we build more capacity,” Adams said Monday (Feb. 3, 2025), saying he wants to see international companies settled in New York.
The credit only applies to office and manufacturing spaces — not retail or other spaces — and it will need state approval to move forward.
