It looks like the claims about a mass business exodus from New York City may be a tad overblown, according to at least one report.

New data from commercial real estate firm JLL revealed a decline in vacant office spaces in the city, plus increasing rents and demand for office spaces during the first quarter of 2026, directly contradicting threats that Mayor Zohran Mamdani’s ascent would lead businesses to relocate to states with lower tax rates.

This improvement is largely due to artificial intelligence firms coming to the Big Apple. According to the JLL report, AI companies are renting at double the rate they did in 2025. But it’s also thanks to corporations recommitting to the city, like Bank of America signing a lease for two decades in Midtown.

It’s a promising sign for Mamdani, a democratic socialist who proposed various tax hikes during his campaign in 2025. While I’m wary of trying to glean too much from a single report, it’s evidence that........

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