Office Apocalypse

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.

https://www.bloomberg.com/news/articles/2021-01-05/manhattan-office-vacancies-soar-to-a-record-with-leasing-frozen

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: