NYC's Financial District Faces Office Glut as Tenant Exits Loom
New York’s Financial District is suffering as a glut of office space builds with the pandemic keeping workers home.
JPMorgan Chase & Co. is the latest high-profile tenant to look for an exit from the neighborhood, a historic part of lower Manhattan that is home to the New York Stock Exchange and Federal Reserve.
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In Midtown, where there’s been a 36% increase in sublease space, roughly 18% of office space is currently available, either because it’s empty or a company is trying to unload it.
There’s a similar amount space for rent in lower Manhattan. The area had been clawing its way back after being battered by the 9/11 terrorist attacks and the global financial crisis. In 2011, when the magazine publisher Conde Nast announced a move to the rebuilt World Trade Center from Times Square, it was a pivotal moment in the bid to draw companies downtown.
Now, the company is eyeing office space in New Jersey and elsewhere in Manhattan as it tries to renegotiate or exit its lease at One World Trade, where it has about a million square feet. Uber Technologies Inc. is also looking to shed space, at 3 World Trade Center, where it signed a lease. That’s pushed the amount of sublease space up 73% in lower Manhattan, which stretches north to Chambers Street.
https://www.bloomberg.com/news/articles/2021-03-05/nyc-s-financial-district-faces-office-glut-as-tenant-exits-loom
