In this article, you'll learn:
- What green flags signal a recovery in Manhattan office space market
- How elevated supply is challenging office space for lease
- Where and how much New York office space is being discounted in sales
- Which class offices fit evolving business needs
Office space continues to be an albatross, weighing down the greater economy.
Most of the issues in the market stem from oversupply, which continues to dominate the office sector. This comes even though return-to-office rates are the highest they have been in a post-pandemic environment.
In New York City, the effects of this imbalance have been felt acutely. Fewer companies are leasing office space, forcing landlords to make tough choices. And this often means either generous concession packages to attract tenants or selling their properties at steep discounts, often walking away from further significant losses on non-recourse loans.
So, if you're looking to find office space in NYC, or anywhere else, read on to understand the current landscape and how it may impact your business decisions.
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