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After Pandemic, Shrinking Need for Office Space Could Crush Landlords – The New York Times

Some big employers are giving up square footage as they juggle remote work. That could devastate building owners and cities.

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Roughly 17.3 percent of all office space in Manhattan is available for lease, the highest proportion in at least three decades. Asking rents on the island have dropped to just over $74 a square foot, from nearly $82 at the beginning of 2020, according to a recent report by the real estate services company Newmark. Elsewhere, asking rents have largely stayed flat from a year ago, including in Boston and Houston, but have climbed slightly in Chicago.
The Japanese clothing brand Uniqlo, whose United…

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