(ZEROHEDGE) – The amount of available office space in New York City is at a record high, Piper Sandler analyst Alexander Goldfarb told clients in a note while citing a new report from real estate service firm Cushman & Wakefield.
A year and a half, or approximately 18 months, into what the World Health Organization formally declared a virus pandemic in early March 2020, the remote work trend is still holding strong and pressuring commercial real estate in NYC.
Goldfarb wrote that Class A rents have fallen, and there is an expectation for further declines. He doesn’t see a full rent recovery until 2025 as vacancies will remain stubbornly high due to increasing supply.
