Manhattan has 94 million square feet unleased office space (Up 75% since March 2020 shutdowns began)

Economy
1

Sluggish April Office Leasing in Manhattan Falls Behind Pandemic Averages
BY REBECCA BAIRD-REMBA MAY 2, 2023

Tenants leased 1.5 million square feet of office in Manhattan last month, an 8 percent decline from March and a 44 percent drop compared to the same time a year ago. . . .

Overall, available office space has grown 75 percent since March 2020, to a record high 94 million square feet.
https://commercialobserver.com/2023/05/sluggish-april-office-leasing-in-manhattan-falls-behind-pandemic-averages/

Separately Bloomberg reports about 16% of Manhattan office space was unleased
In Q1 2023

Manhattan’s office-vacancy rate is at a record high as new developments add even more space to the struggling market.

More than 16% of space was empty as of the first quarter, according to brokerage Jones Lang LaSalle Inc.

https://commercialobserver.com/2023/05/sluggish-april-office-leasing-in-manhattan-falls-behind-pandemic-averages/

https://www.bloomberg.com/news/articles/2023-03-30/manhattan-office-vacancy-hits-record-high-as-landlords-add-space#xj4y7vzkg

1 Like
2

Of course these days it is common to hear that fully-leased offices are vacant or nearly-vacant as workers work from home.

2 Likes
3

My firm rents a floor of an office building on K Street, in DC. The whole firm has been working from home for 3 years now - I think there’s one paralegal who consistantly works out of the office.

The firm looked into reducing the space we rented, but the landlord just cut the rent and let us keep the whole space - they didn’t have any takers, and it would have cost more to partition our space than it would to just let us keep it all.

3 Likes
4

The whole “work from home” thing doesn’t sound safe to me.

A lot of big city salaries are high because it costs a lot to live in or near a successful city. Once a job can be done remotely, what’s to stop the company from hiring people at a West Virginia salary (or a Pakistan salary)?

2 Likes
5

I suppose they can house all those illegal migrants there?

1 Like
6

There is nothing at all but employers know that for quality talent you have to pay it.

with the reduction in real estate costs my employer has been able to increase salaries and improve benefits.

7

You stole my thunder.

Adams should quit his complaints and wave in more asylum prospects. No need for homeless to aimlessly ride subway and harass workers.

Buy up somecheap leases and fill that space.

2 Likes
8

I would agree here. Depending on the job, talent will cost you no matter where they’re from. It would be different with less skilled employment like customer service.

9

“Water seeks its own level”

They have a crisis with the homeless and illegal immigrants and an opportunity to solve has presented itself.

I would at least turn them into shelters so there are rules for being able to stay. Otherwise, it would probably just turn into a crime infested slum.

10

Nothing stops it, they have been hiring Indians to work both on-site and offsite for decades now in IT. This will likely result to other fields experiencing the joys of 95% of the workforce being foreigners that are willing to work for 1/3rd the price of and American.