https://www.bnnbloomberg.ca/office-space-for-rent-in-manhattan-hits-highest-level-since-2003-1.1530113

(Bloomberg) – Manhattan hasn’t had this much available office space since 2003, according to a report by Colliers International.

The availability rate rose to 13.5% in November, with more companies looking to sublease their offices, Colliers said.

The pandemic has emptied out Manhattan offices and prompted companies to reconsider how much space they need as they try to trim costs.

For November, 790,000 square feet (73,400 square meters) was leased in Manhattan, down nearly 80% from a year earlier. With the market flooded with available space, average asking rents have dropped more than 3% this year and are now at the lowest level since June 2018.