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Goldman’s Florida Flirtation Stings Shaken NYC Office Market

  • Finance firms are shifting employees to lower-cost cities
  • Pandemic has companies evaluating how much space they need
In November, the amount of office space available for rent in Manhattan hit the highest level since 2003.
In November, the amount of office space available for rent in Manhattan hit the highest level since 2003.Photographer: Michael Nagle/Bloomberg
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With workers at home and offices mostly vacant, Manhattan is quiet. And as companies look to trim costs, they’re trying to shed expensive real estate.

For New York City’s office market, battered by a pandemic that has emptied Manhattan’s skyscrapers, Goldman Sachs Group Inc. weighing plans to house a key division in South Florida couldn’t come at a worse time.