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I was in New York last week and couldn't believe how much office space is just completely deserted when looking out of my hotel window.
by davidkuennen 4y ago
I was in New York last week and couldn't believe how much office space is just completely deserted when looking out of my hotel window.
- paxys 4y agoStill the most expensive office space in the country (https://www.timeout.com/newyork/news/manhattan-office-space-is-the-most-expensive-in-the-u-s-080822 https://www.timeout.com/newyork/news/manhattan-office-space-...). Even though there is significantly more vacancy in Manhattan today than pre-2020, rents have barely gone down.
- pradn 4y agoFrom what I hear, it's hard to reduce rents significantly as they're part of the financing arrangements with banks. Rents in general seems to be really sticky.
- marcosdumay 4y agoCommercial spaces have this huge disconnect between occupancy and utilization. Just because nobody is there, it doesn't mean it's not occupied. And rents only ever fall when occupancy stays low for long periods. So, well, wait a few more years before being surprised.