Manhattan Offices Face Reckoning as Older Buildings Get Left Behind
- Pandemic-era preferences expose shortcomings of aging towers
- With empty space piling up, landlords have a costly dilemma
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The fortunes of Manhattan’s office market are coming down to old versus new.
Glassy skyscrapers that have popped up in recent years are luring companies seeking new space and preparing for the hybrid-work era, a sign of New York’s revival from the depths of the pandemic. Left behind are countless older buildings that haven’t been modernized in the past decade, presenting a costly problem for landlords.