Office-space leasing has plummeted in Manhattan thanks to the coronavirus pandemic, just in time for a new $3 Billion office tower to open near Grand Central terminal. One Vanderbilt will offer 1.5 Million square feet of premium-tier office space. While much of the space has been reserved by big-name tenants, a half-million square feet remain to be leased. And developers SL Green are seeing their share price hammered down 45% versus pre-pandemic.
With Manhattan’s offices so sparsely populated since the spring, and with so few office workers returning to the workplace in the near future, how will new buildings like One Vanderbilt continue to drive occupancy? Are there signs that improvement is coming, even with the delay in opening of schools and the possibility of a second wave?