There are a few reassuring market omens despite today’s record Manhattan 21% office availability.
Tishman Speyer and Larry Silverstein pulled off a $330 million loan refinancing for their office tower at 11 W. 42nd Street. High interest rates, remote work, antiquated office stock and upside-down financing contribute to the suffering market.Downtown Manhattan is suffering from near-30% office availability and no relief in sight.to what’s going on in midtown, only at a much smaller scale.”
“Downtown’s historical lower pricing has always been a relief valve for midtown and midtown south,” our insider said.
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