Manhattan Office Rents Seen Plunging 26% in Prolonged Downturn

Bloomberg, June 26, 2020–Natalie Wong
Manhattan’s office rents are likely to plummet to the lowest level since 2012 if the U.S. economy doesn’t recover quickly from the pandemic. Asking rents could decline 26% to about $62.47 a square foot (roughly $672 per square meter) in a prolonged recession, according to a report from Savills. Rents haven’t fallen to that level since 2012, the real estate services firm said.
https://www.bloomberg.com/news/articles/2020-06-26/manhattan-office-rents-seen-plunging-26-in-prolonged-downturn