Mayor Adams launches “Race for Space” to revitalize offices, create jobs

Mayor Eric Adams kicked off “Jobs Week” with an ambitious announcement that aims to revitalize New York City’s office market and create thousands of new jobs over the next three years. The “Race for Space” strategy, which seeks to fill vacant office spaces with national and international companies, sets a bold goal of securing 50 million square feet of leasing by the end of 2025.

“Our administration sees vacant space as an opportunity to revitalize and reimagine places like Midtown into economic engines, creating access to good-paying jobs for New Yorkers,” Mayor Adams said. This new initiative aims to breathe life into New York City’s commercial real estate market and stimulate the creation of thousands of jobs, while addressing challenges posed by the city’s high office vacancy rates.

As part of the plan, the city will launch a new “Relocation Assistance Credit for Employees” (RACE) program to attract companies from out of state, offering incentives to move to New York City and lease large office spaces. The goal is to bring 15 new anchor tenants to the city, activating over 800,000 square feet of office space and creating an additional 3,000 jobs. Additionally, the program will extend existing incentives like the Relocation and Employment Assistance Program (REAP), which helps businesses relocate to designated areas in New York City.

The “Race for Space” initiative also includes the creation of an “International Landing Pad Network” to support foreign companies expanding to New York City, fostering growth and innovation. To further address office vacancies, the city is opening a new round of applications for the Manhattan Commercial Revitalization Program (M-CORE), which aims to transform aging office spaces into modern, high-quality workspaces.

This announcement comes after New York City celebrated reaching an all-time high for jobs—marking the eighth time since Mayor Adams took office that the city has broken its employment records. Unemployment has decreased across all demographic groups, and the city’s economy has diversified into emerging sectors like life sciences, technology, and the green economy.

“Race for Space” also builds on previous efforts, such as the “City of Yes for Economic Opportunity” proposal, which has already helped to facilitate economic growth and recovery through zoning changes and support for businesses across New York City.

“We must reimagine how to utilize vacant space to drive economic growth,” said New York State Assemblymember Jenifer Rajkumar, reflecting on the opportunity presented by the strategy. “This plan will bring new energy to our blocks, creating jobs and revitalizing neighborhoods.”

In support of the new initiative, key figures in the real estate and construction sectors praised the efforts. “This will generate more pathways for working people to find stable, family-sustaining work,” said Gary LaBarbera, president of the Building and Construction Trades Council of Greater New York.

The “Race for Space” plan also complements the city’s roadmap to establish New York City as the global leader in Artificial Intelligence, with significant investments planned to develop an AI hub in the city.

Mayor Adams is committed to ensuring that prosperity reaches every zip code in the city, and “Jobs Week” marks a major step forward in that effort. With thousands of jobs on the horizon, the “Race for Space” initiative is set to reshape New York City’s commercial landscape while providing much-needed opportunities for its residents.