As reported in Bloomberg, new leases in the fourth quarter dropped 64% YoY to 4.6 million square feet.
Average asking rents for the highest-quality offices fell 8.6% to $90.42 a square foot, a decline that doesn’t capture concessions such as free months or tenant-improvement allowances.
And, as the graph above indicates, this may just be the beginning.
The escape from New York, that is.
Econophysics2020 