Manhattan’s Midtown is in a real estate crisis; office vacancies are high, rents have been plummeting, and tenants are moving to New Jersey. A combination of outdated building stock, the economic recession, and a lack of amenities in the neighborhood have transformed Midtown from a vibrant business hub into an area of post-recession decline. Class A office vacancies have been stagnant at around twenty-two percent for the past five years. This translates to about 17 million square feet of empty space in Midtown.
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