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Manhattan office users are actively downsizing in response to changing work models. Many employees either haven’t returned to the office or have only returned part-time, reducing the demand for corporate office space. As a result, both new leasing activity and lease renewals are declining in the market.

“As leases renew, many companies are looking to take less space. One reason is that people aren’t coming back into the office. The working model of coming in five days a week is something that we aren’t going to see for a while in some industries. There is no reason why a company needs to take the same amount of space if people are coming in fewer days per week,” Rob Gilman, co-head of the real estate group at Anchin, tells GlobeSt.com.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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