Q4 2020 Manhattan Office Market Report
As 2020 closed-out, the pandemic’s negative impacts on the office market were evident. The overwhelming majority of businesses and office-users continue to operate virtually for the foreseeable future. Office occupancies in New York are among the lowest in the U.S. With work-from-home being proven to be productive and cost-effective, the number of firms opting to sublease their space has increased by 44% over the past 12 months. This trend continues as the Manhattan office market entered into a second wave as COVID-19 continued to impact workforce, business and economic health, safety and uncertainty.
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