Manhattan Office Supply Soars to Highest Level in Three Decades
The office availability rate Manhattan jumped to 17.2 percent in the first quarter, largely driven by sublease space, according to Savills.
April 1, 2021 | Bloomberg Report| Wealth Management
(Bloomberg)—The amount of office space available in Manhattan is at the highest level in at least 30 years.
The availability rate jumped to 17.2% in the first quarter, according to a report Thursday by Savills. Much of that was driven by a surge in sublease space, which reached 22 million square feet (2 million square meters), 62% higher than before the pandemic, the real estate services firm said.
“Abundant short- and long-term options are driving price reductions,” Savills said in the report. “Many owners are proposing historically aggressive rates, concessions and flexibility to secure tenants amid so much competition.”
