By The office vacancy rate in Manhattan climbed by 15 percent in January from a year earlier, the most in 20 years, as a shift to remote work because of the Covid-19 pandemic continues to curb demand.
At the same time, office leases dropped by about 47 percent from January 2020, according to Colliers International.
Manhattan office rents declined for the seventh straight month in January to an average of $73.65 per square foot, its lowest level in almost three years, Colliers said in a research report on its website.
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