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NYC Offices Empty Again Just as Demand, Rents Begin to Recover

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Goldman Sachs Backtracks on Return-to-Office Plan

Manhattan’s office market has seen a rebound in demand, but the surge in Covid-19’s omicron variant could delay further progress. 

Leasing jumped to 9.3 million square feet (864,000 square meters) in the fourth quarter, the most in two years and up 21% from the previous quarter, according to a report Monday by Savills Research. Much of the demand was driven by new agreements, a sign that tenants are committing to long-term plans for offices in the future, the brokerage said.