ML-Implode News - Office Vacancies Soar in New York, a Dire Sign for the City's Recovery

Across Manhattan, home to the two largest business districts in the country, 18.7 percent of all office space is available for lease, a jump from more than 15 percent at the end of 2020 and more than double the rate from before the pandemic, according to Newmark, a real estate services company... Some neighborhoods are faring worse, such as Downtown Manhattan, where 21 percent of offices have no tenants, Newmark said.
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There are signs that the situation in New York could get worse. A third of leases at large Manhattan buildings will expire over the next three years, according to CBRE, a commercial real estate services company, and companies have made clear they will need significantly less space.
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About 14 million square feet of office space is under construction in New York City, which is equal to about double the size of Orlando, Fla.

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Office Vacancies Soar in New York, a Dire Sign for the City's Recovery