Welcome to the Number of the Day
February 3, 2021
In January, new leases of office space in Manhattan fell 47% compared to a year ago. The decline comes despite the fact that average office rents have fallen for seven straight months.[1]
According to Bloomberg News, “Manhattan’s office supply has surged since March, when the pandemic emptied out skyscrapers and companies turned to remote working.” A report from Colliers International shows that 14.9% of Manhattan office space is currently available. That’s the highest vacancy level ever recorded (Colliers has been collecting this information for 20 years).[1]
The average lease now goes for $73.65 per square foot, the lowest level in more than three years. Still, many companies are reassessing their needs for offices in Manhattan, according to Bloomberg.[1]
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About the Number of the Day
Each weekday, Scott Rasmussen’s Number of the Day explores interesting and newsworthy topics at the intersection of culture, politics, and technology. Columns published on Ballotpedia reflect the views of the author.
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