| We’ve come out of the recession with as much office-using employment as Q3 ‘01—but Manhattan now has 13M more SF available for lease than it did 11 years ago. “Some of this extra [space], about 6M SF, is tied to new construction, but as companies have become more efficient, they aren’t absorbing as much space per employee,” says Studley EVP Dan Horowitz. One financial data firm he reps recently took 32k SF, about 110 SF each for the nearly 300 employees. Back then? More like 150 to 175 SF, he says. Also,hoteling hasn’t been embraced as much as shared space. When Dan’s not riding the market with his tenants, you'll find him enjoying the waves in Montauk this summer—if you see him on his surf board, say hello. |
SHADES OF 2001?
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