According to global property consultant CBRE, the amount of sublease
space in Manhattan ballooned during the Covid-19 pandemic, as tenants
looked to cut costs by shedding space they thought they would not need.
Since the beginning of 2020, 19.3 million sq. ft. of gross sublease
space has been added to the Manhattan office market, and sublease space
now accounts 26% of all available space as of June 1, 2021. The Great
Financial Crisis saw an even more dramatic increase in sublease space,
with 23.7 million sq. ft. of gross space added in 2008-2009, accounting
for 31% of all available space in the market at that time.
RSK: I believe this is true in most places in the US. Now if Companies can get the employees back to work is another cog in the wheel.
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- - Volume: 9 - WEEK: 25 Date: 6/15/2021 9:20:05 AM -