The financial industry, a cornerstone of New York City’s economy for more than a generation, is showing signs of reducing its demand for New York offices.
From the pre-pandemic years of 2017, 2018, and 2019 to the pandemic-shadowed years of 2020 to 2023, the square footage of Manhattan renewals and extensions by the FIRE sector — finance, insurance, and real estate companies — declined by nearly 27 percent, according to data from CompStak, a real estate data firm utilizing crowdsourcing. Meanwhile, brokerage CBRE reported a 20 percent availability rate for Manhattan offices in May, nearing the record high of 20.2 percent set in February.
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