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IPFS News Link • Business/ Commerce

Manhattan Office Vacancies Hit Record High As Work-At-Home Dominates

• by Tyler Durden

A new report from commercial real estate firm Savills said Manhattan's office vacancy rate ended 2020 at 15.1%, a record high, up from 11.1% in 2019. 

More than 68 million square feet of office space lay dormant in the borough in the fourth quarter, including 18.6 million square feet of sublease space available for tenants attempting to downsize. 

When it comes to remote work, many corporations have embraced the at-home work environment for their employees to mitigate virus spreading in the office. As a result, companies are shrinking their footprints, which has resulted in the availability rate for Manhattan office space to hit a record high. 

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