BPY - The NYC office real estate market is a train wreck

In an update to clients, commercial real estate brokerage Cushman & Wakefield sent the following data points about the New York City office real estate market:"Despite most companies being able to legally return to the office, across Manhattan, occupancy of office space is less than 15%.""Overall leasing activity is down almost 50% since last year, as many wait for more information on the future of the workplace and impact of COVID-19 (however, it should be noted that there is real opportunity due to decreased demand and softening of pricing).""There has been an influx of new sublease space since March – setting records, sublease space amounts to 25% of the all available space, and that number is only rising with significant blocks rumored to be hitting the market in the coming months.""As you can imagine, there have been significant changes to the real estate market. We are now experiencing a radically

For further details see:

The NYC office real estate market is a train wreck