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Office vacancies in Manhattan jumped to a 21st century record as the COVID-19 pandemic froze new rental deals and sublease openings soared.
Last year ended with a 15.1% vacancy rate, up from 11.1% in 2019 and the highest in data going back to 1999, according to a report by Savills, a commercial-property services firm. That left 68.4 million square feet (6.4 million square meters) empty, including 18.6 million square feet of sublease space listed by current tenants looking to downsize.
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The investment comes amid rising discontent there over the cost of its obesity and diabetes drugs.
Austin has had the biggest drop in office-occupancy rate among the 10 major US cities.
Some 174 million square feet of office space — double San Francisco's entire inventory — is available for sublease across the U.S.
A game producer at a video game development start up shares how he found success after leaving his home country in the midst of the pandemic.
Manhattan developers have found another potential office to convert to residences: Goldman Sachs headquarters.
