Growing Big Block Office Vacancies as Remote Work Continues

Corporations continue to reevaluate office space needs as the age of the 5-day onsite work week doesn’t appear to be retuning anytime soon. The latest decision to reduce office footprint will add a vacancy of approximately 63,000 square feet on the 19th and 6th floors at 100 Park Avenue, following a downsizing by construction firm AECOM from the 108,631 square feet leased in a 12-year deal announced in 2010. The Dallas-based company opting to sign a 10-year renewal for 45,000 square feet on the 5th floor at an asking rent of $65 per square foot, resulting in a vacancy of 63,318 square feet. Over on the far west side, Facebook parent Meta declined lease renewals for roughly 250,000 square feet at 30 and 55 Hudson Yards as part of an ongoing series of cost-cutting measures previously announced amid a revenue decline in the 3^rd quarter. Although continuing to retain the majority of its space within the complex at 50 Hudson Yards, the technology giant is subleasing some of the space is being subleased and buildout plans put on hold.

Source:    https://therealdeal.com/2022/12/02/construction-giant-saws-off-half-of-park-avenue-office-space/

Source:  https://therealdeal.com/2022/11/30/meta-to-cut-hudson-yards-office-space/