Q1 2020 NYC Office Market Report

After several years of significant growth, office leasing velocity started to slow in January and fell precipitously in the final days of the first quarter as a direct result of the COVID-19 pandemic. Although uncertainty abounds as the world navigates through unchartered waters, we foresee leasing velocity stalling further, causing availability rates to materially increase across each of New York City’s submarkets, as a deluge of sublet space is added to 2Q 2020 inventory from tenants downsizing and continuing to work remotely.

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