ML-Implode News - NYC's Financial District faces office glut as tenant exits loom

New York's Financial District is suffering as a glut of office space builds with the pandemic keeping workers home. JPMorgan Chase & Co. is the latest high-profile tenant to look for an exit from the neighborhood, a historic part of lower Manhattan that is home to the New York Stock Exchange and Federal Reserve.
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"The sublet spaces currently on offer at deeply discounted rates is a veritable flood of biblical proportions, with more likely to come online soon," said Ruth Colp-Haber, chief executive officer of brokerage Wharton Property Advisors.

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"What's happening in this market and in other downturns in the real estate market is flight to quality," Engelhardt said. "Tenants in this market, especially post-pandemic, are looking for healthier, newer, inspired spaces to encourage their staff to return to the office."

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NYC's Financial District faces office glut as tenant exits loom