An Entire Block of Vacant Storefronts: Delayed Office Return Plans Stymie Midtown Manhattan’s Recovery

October 11, 2021

Article by:  Lauren Thomas

  • A delayed return to office buildings for many workers during the Covid pandemic has been especially harsh on businesses around midtown Manhattan, which has the largest inventory of office space in New York City.
  • As of this summer, nearly 30% of the retail storefronts in Midtown East and around Grand Central were vacant, according to a new report from REBNY.
  • That compares with a retail vacancy rate of 28.4% on Madison Avenue, and 20.9% on the Upper East Side.

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