zerohedge.com 04 Jun, 2021 23:30 am

Manhattan Office Supply Continues To Soar Even As City Reopens

Manhattan Office Supply Continues To Soar Even As City Reopens
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

More than a year since the virus pandemic began, New York City's economy is roaring back open.The availability rate rose for a 12th straight month in May to 17%; inventory since the pandemic began jumped 70% to a whopping 92 million square feet.It said sublease inventory space is 75% more than since the pandemic began.According to data from Kastle Systems, approximately 18% of office workers in the metro area are back at work as of late May.

Kastle's data on Americans getting back to work on a nationwide basis show returning to the office is happening at a snail's speed.According to Bloomberg, citing a commercial real estate brokerage report by Colliers, Manhattan's supply of office space continues to hit new records even as leasing increases.

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