WeWork, once the biggest private sector office tenant in Manhattan, filed for bankruptcy and a plan to terminate nearly 70 existing office space leases including 40 located in New York City alone earlier this month. 💸 Nearly two-thirds of WeWork's current leases are in Class B properties in New York City, which are on average 96 years old, according to CompStak data cited in CNN's article, “20% of US offices are vacant. WeWork’s bankruptcy will make the problem worse.” Additionally, WeWork’s leases are more heavily concentrated in Class B buildings than the NYC office market overall, which is of concern, because many are worried about office obsolescence and falling demand in that same character of buildings. #officelease #nycoffice #wework #nyc #office #lease #manhatthanoffice #manhatthan
