Manhattan Office Supply Soars to Highest Level in Three Decades

The amount of office space available in Manhattan is at the highest level in at least 30 years.

The availability rate jumped to 17.2% in the first quarter, according to a report Thursday by Savills. Much of that was driven by a surge in sublease space, which reached 22 million square feet (2 million square meters), 62% higher than before the pandemic, the real estate services firm said.