{"id":31556,"date":"2023-07-05T06:14:23","date_gmt":"2023-07-05T10:14:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/new-york-citys-available-office-space-hits-record-in-second-quarter-savills\/"},"modified":"2023-07-05T06:14:25","modified_gmt":"2023-07-05T10:14:25","slug":"new-york-citys-available-office-space-hits-record-in-second-quarter-savills","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31556","title":{"rendered":"New York City\u2019s available office space hits record in second quarter: Savills"},"content":{"rendered":"
\n

The availability of office space in New York City climbed to 70.3 million square feet in the second quarter of 2023, the highest in history, according to real-estate firm Savills. <\/p>\n

The record office space availability in New York comes as high interest rates, a mountain of maturing debt and wobbling property prices bear down on landlords across the U.S., with many struggling to keep or attract new tenants in cities saddled with half-empty office buildings.<\/p>\n

\n

Flexible work arrangements that have endured in the wake of the 2020-2021 pandemic have also been playing a key role in the widening gap between asking rents at trophy office buildings and lower quality properties.<\/p>\n

Savills said the growing amount of available office space has led to increased tenant concessions and pressure on rents overall, even as asking rents on Class A buildings in Midtown Manhattan increased 1.7% in the second quarter to $95.53 per square foot, from a quarter ago.<\/p>\n

That compares with a 0.2% increase in asking rents to $59.01 per square feet on lower-quality Class B and C office buildings in midtown, a swath of the city hit hard by the slow pace of return of office workers.<\/p>\n

\u201cPreference among many tenants for trophy or Class A+ space is driving rents higher in that segment of the market, while tenants are able to dictate terms to a greater extent for commodity Class A and Class B\/C space,\u201d according to the Savills report.<\/p>\n

The firm pegged Manhattan\u2019s office availability rate at 19.7%, a new cycle high. <\/p>\n

Related<\/strong>: Tenants brace for more office landlords to go belly up on their property debts<\/p>\n

U.S. stocks
\n SPX,
\n +0.12%<\/bg-quote><\/p>\n

DJIA,
\n +0.03%<\/bg-quote><\/p>\n

COMP,
\n +0.21%<\/bg-quote>
\n rallied in the year\u2019s first half, as a long anticipated U.S. recession has failed to materialize despite the Federal Reserve\u2019s aggressive stance on inflation and interest rates, which has elevated the benchmark 10-year Treasury rate
\n TMUBMUSD10Y,
\n 3.841%<\/bg-quote>.<\/span>\n <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The availability of office space in New York City climbed to 70.3 million square feet in the second quarter of 2023, the highest in history, according to real-estate firm Savills. The record office space availability in New York comes as high interest rates, a mountain of maturing debt and wobbling property prices bear down on […]<\/p>\n","protected":false},"author":1,"featured_media":31557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-31556","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nNew York City\u2019s available office space hits record in second quarter: Savills | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The availability of office space in New York City climbed to 70.3 million square feet in the second quarter of 2023, the highest in history, according to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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