The economic hardship New York City (and State) businesses were forced to endure due to COVID restrictions are still resonating in the commercial real estate industry. Not only store front vacancies but office space vacancies are still on the rise in New York.
https://www.thecity.nyc/2023/4/20/23691821/office-vacancy-rate-rising
Economic Trouble Signs Emerge for NYC as Office Vacancy Rate Keeps Rising
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