[NEW YORK] A Japanese advertising firm is considering unloading what was supposed to be a new office in Manhattan, the latest signal that New York's market is facing pressure as companies cut costs and re-evaluate their real estate.
Dentsu Group is exploring plans to sublease space in Chelsea, where Tishman Speyer is renovating a former US Postal Service facility that was set to be the advertising firm's main US office, according to people with knowledge of the matter."As part of their disciplined business strategy, our client Dentsu is assessing their real estate footprint to be aligned with their people and business's needs in our new normal," CBRE said in a statement.
Offices have held up better than hotels, malls and other types of commercial property in the pandemic, in large part because companies are locked into leases and have continued to pay rent even as employees work from home. But the jump in available sublease space signals that Manhattan landlords are facing pressure as the pandemic drags on.
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