Departures hit Midtown Manhattan office rentals

Midtown Manhattan, once the pinnacle of US office markets, is facing an increase in large, empty work spaces.

New towers are opening and tenants spreading out across the city, including to outer boroughs that businesses once shunned.

By 2017, 21m square feet (1.2m square metres) of Midtown’s class A offices, or 14% of the market, will be available, Keith DeCoster, director of US real estate analytics for brokerage, Savills Studley, said.