The co-working sector continues to soar in Manhattan, accounting for nearly a third of office leases signed in August. Manhattan has seen almost 2M SF of negative net absorption year to date, according to CBRE. In the first half of this year, there were more than 4,300 new offices and apartments under construction or leased, according to Cushman & Wakefield, which tracks commercial real estate data. Co-working giant WeWork, which claims to be the city’s biggest office tenant, commands 5.3 million sq ft of leased space in New York City.
The co-working sector continues to soar in Manhattan, accounting for nearly a third of office leases signed in August. In the first half of this year, there were more than 4,300 new offices and apartments under construction or leased, according to Cushman & Wakefield, which tracks commercial real estate data. Co-working giant WeWork, which claims to be the city’s biggest office tenant, commands 5.3 million sq ft of leased space in New York City.