NEW YORK CITY-The Bloomberg administration is aggressively reducing office space usage in the city due to problems faced by landlords as a result of the economic slump.
The city has already given up or is in the middle of slashing about 600,000 square feet in around 39 projects geared towards cost and space reduction. The city plans to slash over $35 million from its annual realty bills by 2014 via this plan. For the full story, go to Wall Street Journal.
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