In this article, you'll learn:

• Manhattan's record-high 22% office vacancy rate and its impact on the market.
• The trend of downsizing and upgrading to high-quality office spaces.
• How tech company cutbacks are contributing to the office space glut.
• The role of tenant representation in navigating the evolving office market.

The corporate world is facing a glaring issue: wasted office space. As leases expire and companies take a closer look at their real estate needs, they are finding empty desks staring back at them. So overwhelmingly, the solution for portfolios has been upgrading to fancier (albeit smaller) digs. And the new standard of economizing is enabling businesses to cut significant costs, but it’s having a disproportionate effect on the cities where these leases were.