"The office vacancy rate in Manhattan has hit its highest level since 1994 and will likely hit “unprecedented levels” in the near future, a report from a global real estate firm has found.
CNN reports the global real estate service firm Cushman & Wakefield found that the office vacancy rate in Manhattan reached 16.3 percent in the first quarter of 2021, up from 11.3 percent a year ago.
The company said it expects the rate to continue to rise to "unprecedented levels in the coming months” and drive down asking rents “substantially.”"
https://thehill.com/homenews/state-...e-space-reaches-highest-level-since-1994
