Manhattan has Not had this much Accessible office space Because 2003 

The availability rate climbed to 13.5percent in November, with more firms seeking to sublease their workplaces, Colliers said.

The pandemic has drained Manhattan offices and motivated companies to rethink how much distance they want as they attempt to cut prices. That is weighed on the stocks of notable New York construction owners SL Green Realy Corp. and Vornado Realty Trust.

Vornado has been redeveloping the region about Pennsylvania Station, a bustling commuter hub which has mostly gone silent with several office employees staying home. The business said Tuesday that it had been cutting jobs and decreasing damages since it prices costs.

For November, 790,000 square feet (73,400 square meters) was rented in Manhattandown almost 80 percent in the year before, according to Colliers. With distance flood the marketplace, average asking rents have fallen more than 3 percent annually and are currently in the lowest level since June 2018.

Much more must-read tales out of Fortune:

• Commentary: There is a third way to lessen COVID vulnerability apart from masks and distancing. Let us begin with it
• Why Tesla inventory will go to $1,000, based on some Wedbush analyst
• The 21 greatest stocks to purchase to get 2021
• The girls linking the Biden-Harris government
• Flee town, maintain your wages? Not too quick state more companies