The Manhattan office market has faced an undoubtedly unique challenge over the last two quarters (2Q 2020-3Q 2020). Just before the end of 1Q 2020, the first confirmed case of COVID-19 in New York State occurred. Three weeks later in late-March, the "New York State on PAUSE" executive order went into effect that, amongst other things, closed the in-office functions of non-essential businesses across New York City and New York State.
Despite in-office functions resuming in late-June and the gradual reopening of New York City taking place in various stages throughout the summer and fall, the effects of the virus are still reverberating more than six months after first arriving in the City. This report examines the measurable impact of COVID-19 over the last six months on the office market.
Although the previous two quarters were influenced by events not seen in New York City in more than a century, the report will draw comparisons, where applicable, to the six-month periods immediately following the Great Recession and 2001 Recession.