Microsoft is looking to sublease offices in Manhattan’s Times Square as major technology companies cut back on real estate. The Redmond, Washington-based tech firm is marketing more than 42 000 square feet of offices at 11 Times Square, according to real estate data firm CoStar. A Microsoft spokesperson declined to comment.
The pullback has ratcheted up the pressure on office landlords already contending with record vacancies and lower demand. It’s a drastic change for the technology industry, which was once a major driver of leasing. Firms including Alphabet, Meta Platforms and Amazon.com have all announced plans to reduce their real estate footprints. In Manhattan, Twitter and Spotify Technology SA are among the companies that have marketed offices for sublease this year.