Manhattan Office Vacancy Hits Record as Landlords Add Space
- The renovation of 660 Fifth Ave. added more office space
- Rising vacancy rate puts pressure on office landlords
Office buildings on Third Avenue in New York.
Photographer: Amir Hamja/BloombergThis article is for subscribers only.
Manhattan’s office-vacancy rate is at a record high as new developments add even more space to the struggling market.
More than 16% of space was empty as of the first quarter, according to brokerage Jones Lang LaSalle Inc., which tracks about 470 million square feet (44 million square meters) of Manhattan offices. Leasing is at its lowest levels since the second quarter of 2021.