New York City's direct availability of office space climbed to 70.3 million square feet in the second quarter of 2023, the highest in history, according to...
The availability of office space in New York City climbed to 70.3 million square feet in the second quarter of 2023, the highest in history, according to real-estate firm Savills.
Flexible... The availability of office space in New York City climbed to 70.3 million square feet in the second quarter of 2023, the highest in history, according to real-estate firm Savills. Flexible work arrangements that have endured in the wake of the 2020-2021 pandemic have also been playing a key role in the widening gap between asking rents at trophy office buildings and lower quality properties.
That compares with a 0.2% increase in asking rents to $59.01 per square feet on lower-quality Class B and C office buildings in midtown, a swath of the city hit hard by the slow pace of return of office workers.
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