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New York City Mayor Eric Adams has launched the “Race for Space” initiative to revitalize commercial office spaces across the five boroughs, attract national and international companies, and create thousands of new jobs for working-class New Yorkers.

Announced as part of “Jobs Week,” the initiative aims to ensure job opportunities reach every borough, block, and neighborhood.

With a goal of leasing 50 million square feet of office space by the end of 2025, the plan addresses NYC’s ongoing office vacancy challenges while transforming aging commercial buildings into thriving business hubs. It includes programs designed to incentivize corporate relocation, attract international investment, and modernize office spaces to meet the evolving needs of today’s workforce.

The initiative comes as NYC faces nearly 100 million square feet of vacant office space—the equivalent of over 30 empty Empire State Buildings. Mayor Adams sees this not as a crisis but as an opportunity.

“The ‘Race for Space’ has officially started — and New York City is ready to fill our commercial office spaces with domestic and global companies, attract the very best talent, and create thousands of good-paying jobs,” said Adams. “When our administration sees vacant space, we see opportunity — an opportunity to revitalize and reimagine places like Midtown into economic engines and an opportunity to give New Yorkers access to good-paying jobs.”

The initiative builds on the Adams administration’s economic strategy, which has contributed to record-high job numbers and a steady decline in unemployment across all demographics.

The plan includes several key programs. The Relocation Assistance Credit for Employees (RACE) pilot program will incentivize out-of-state companies to relocate to NYC by offering tax credits if they lease at least 20,000 square feet of office space. The city aims to attract 15 new anchor tenants by the end of 2025, activating over 800,000 square feet of office space and creating 3,000 jobs. The Relocation and Employment Assistance Program (REAP), which provides tax credits for businesses moving jobs to NYC, has been extended for another five years. A new International Landing Pad Network will support international companies looking to establish a presence in NYC, boosting innovation and investment.

Additionally, the Manhattan Commercial Revitalization Program (M-CORE) is reopening applications to provide incentives for converting up to 10 million square feet of outdated office space into modern, high-quality workplaces.

NYC Economic Development Corporation (NYCEDC) President Andrew Kimball praised the initiative as a “decisive action against the ongoing challenge of vacant and aging offices.”

He added, “From new relocation incentives to a new ‘International Landing Pad’ for foreign companies, this package will be a shot in the arm for the commercial real estate community, reactivating our offices while creating even more jobs for New Yorkers.”

The plan also aligns with Mayor Adams’ 2024 Albany legislative agenda, which secured a landmark “467-m” tax incentive to help convert vacant office buildings into much-needed housing.

With the “Race for Space” initiative, NYC aims to not only fill its office towers with thriving businesses but also create new economic opportunities that will benefit residents across the five boroughs. Businesses considering expansion to NYC can learn more at Choose.nyc.