The headlines are inescapable — the New York City office leasing market is in the middle of its most challenging period in decades.
The COVID-induced move to remote work flexibility has had a profound impact on the office leasing market, not to mention the impact from the tech sector's retrenchment. Companies in the market for new office space simply do not have the same square footage needs they did just a few years ago.
This working environment has made greater flexibility — in both initial length of term and optionality — a core focus in any new office lease negotiation. Another result of the current market is that many long-term office leases signed before this shift now sit wholly or partially unused.
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