NYC is vacant.
With workers stuck at home, the office availability rate rose to 14.9% in January, the highest in data going back to 2000, according to a report by Colliers International.
Leasing fell by nearly 47% from the same period last year. That came even as asking rents dipped for the seventh straight month to $73.65 a square foot on average, the lowest in almost three years.
I read somewhere else that something like 80% of NYC office workers still works at home remotely while waiting on the new normal to revert or something. How much longer can this on before the companies admit they’re not reopening? Or, if they go back, slowly, how does that affect the overall RE economy? Is this all dependent on “stimulus” from the government that created the hoax in the first place?
So many questions and no answers. On the other, half-full hand, I suppose I could cheaply move the blog to New York, say to half of the WTC. No.