{"id":637692,"date":"2021-08-12T15:36:37","date_gmt":"2021-08-12T19:36:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=637692"},"modified":"2021-08-12T15:36:38","modified_gmt":"2021-08-12T19:36:38","slug":"manhattan-sees-record-high-office-vacancy-rate-as-businesses-flee","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/manhattan-sees-record-high-office-vacancy-rate-as-businesses-flee\/","title":{"rendered":"Manhattan Sees Record High Office Vacancy Rate As Businesses Flee"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmanhattan-sees-record-high-office-vacancy-rate-as-businesses-flee%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=637692&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/08\/blasio-2.jpg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>Manhattan is observing rising office vacancy rates.<\/span><\/p>\n<p><span>A report from <\/span><a href=\"https:\/\/www.nmrk.com\/insights\/market-report\/manhattan-downtown-market-reports\"><span>Newmark<\/span><\/a><span> covering the downtown Manhattan office real estate market during the second quarter of 2021 indicated that despite plummeting rental prices, the availability rate for businesses reached 21.1% in June \u2014 a record high. Reports for <\/span><a href=\"https:\/\/www.nmrk.com\/insights\/market-report\/manhattan-midtown-market-reports\"><span>Midtown<\/span><\/a><span> and <\/span><a href=\"https:\/\/www.nmrk.com\/insights\/market-report\/manhattan-midtown-south-market-reports\"><span>Midtown South<\/span><\/a><span> reveal similarly high vacancies.<\/span><\/p>\n<p><a href=\"https:\/\/www.nytimes.com\/2021\/07\/01\/nyregion\/manhattan-vacant-office-space-real-estate.html\"><span>The New York Times<\/span><\/a><span> comments:<\/span><\/p>\n<blockquote readability=\"21\">\n<p><i><span>No other city in the United States must confront the changing workplace more so than New York, whose offices, before the pandemic, had attracted 1.6 million commuters every day and helped sustain a swath of the economy, from shops to restaurants to Broadway theaters. The pandemic has also placed enormous pressure on the commercial real estate sector, a pillar of the New York economy, as landlords rush to redesign offices and dangle incentives like lower rent to retain and attract companies.<\/span><\/i><\/p>\n<p><i><span>Commercial districts across the country are struggling, but office towers in Manhattan continue to empty out even as other cities, including Atlanta and Los Angeles, show signs that they have moved beyond the worst of the pandemic.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>Leaders in the state of New York \u2014 and New York City in particular \u2014 enforced some of the most aggressive COVID-19 lockdown measures in the United States. As a result, companies and workers fled the cities \u2014 some on a permanent basis, and some on a temporary basis due to the advent of remote work.<\/span><\/p>\n<p><a href=\"https:\/\/www.dailywire.com\/news\/bankers-are-begging-their-employers-for-transfers-from-new-york-to-florida\"><span>The Daily Wire<\/span><\/a><span> previously reported that Wall Street executives are flooding recruiters\u2019 offices with requested transfers from New York to Florida. Companies such as <\/span><a href=\"https:\/\/www.dailywire.com\/news\/report-goldman-sachs-considers-moving-asset-management-division-out-of-nyc-to-florida\"><span>Goldman Sachs<\/span><\/a><span> have recently eyed new headquarters outside of New York.<\/span><\/p>\n<p><span>Last month, outgoing Gov. Andrew Cuomo (D-NY) <\/span><a href=\"https:\/\/www.dailywire.com\/news\/gov-andrew-cuomo-pleads-with-citizens-to-return-to-new-york-city\"><span>told<\/span><\/a><span> the Association for a Better New York that the city would struggle unless residents promptly return.<\/span><\/p>\n<p><span>\u201cRemember, we have to get people back and we have to get people back in volume,\u201d said Cuomo. \u201cIf you were to see a 15% decline of people coming back to New York City, that would have a devastating impact on the commercial market.\u201d<\/span><\/p>\n<p><span>\u201cWe need that volume to support the restaurants and the shops, the services,\u201d he added. \u201cIt\u2019s not just about your business. It\u2019s about all the spinoff effect economic activity that your workers bring to the surrounding community.\u201d<\/span><\/p>\n<p><span>New York continues to <\/span><a href=\"https:\/\/www.dailywire.com\/news\/cuomos-new-york-has-the-worst-economic-rebound-in-the-nation-slowing-other-states-recoveries\"><span>lag<\/span><\/a><span> every other state in economic recovery following COVID-19 and the lockdown-induced recession. The <\/span><a href=\"https:\/\/www.cnn.com\/business\/us-economic-recovery-coronavirus\"><span>Back-to-Normal Index<\/span><\/a><span>, a project of Moody\u2019s Analytics and CNN Business tracking economic rebounds across the country, shows that New York is only operating at 81% of pre-recession capacity \u2014 far below the national average of 92%.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Manhattan is observing rising office vacancy rates.A report from Newmark covering the downtown Manhattan office real estate market during the second quarter of 2021 indicated that despite plummeting rental prices, &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-637692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/637692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=637692"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/637692\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=637692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=637692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=637692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}