At least 7 million square feet of space are up for grabs in a half-dozen new or renovated Manhattan office towers in the midst of the city’s worst-ever crisis.
Seven million more square feet could be on tap in proposed buildings yet to rise. The additional space is either online now or coming to market within 18 months.
Meanwhile, the pandemic’s work-from-home phenomenon has CEOs warning that they’ll reduce their office footprints by up to 40 percent.
Effective rents continue to fall as Manhattan’s availability rate hits 16 percent due in part to a sublease flood.
JPMorgan Chase CEO Jamie Dimon sent tremors through the market this month when he said the bank will reduce its commercial footprint even as it builds a new, 2.5 million-square-foot headquarters tower at 270 Park Ave.
“For every 100 employees, we may need seats for only 60 on average,” Dimon said. JPMorgan Chase is the city’s largest single office-space user.