New York real estate

As expected, commercial real estate is taking a dive in New York

Last year, when the New York real estate market was still frothy, large blocks of office space were hard to come by. Not anymore.


Almost 16 million square feet is currently listed as available in large blocks in 68 office buildings in Manhattan, according to Colliers ABR, a commercial brokerage firm. That is nearly double the space available a year ago, both in terms of the number of large office blocks — which in New York usually means 100,000 square feet or more — and in terms of total square feet.

Those figures are widely expected to go much higher