Manhattan Commercial Revitalization Program (M-CORE) Launched To Transform Aging Office Buildings

As many companies settle into hybrid work models, office occupancy rates in the United States have flatlined during the first half of 2023. In the Borough of Manhattan (the Borough) in New York City, upwards of 255 million square feet of office space-nearly half of the Borough's total 450 million square feet of office space-has been identified as underperforming, and at least 13.6% of Manhattan's office space remains entirely vacant,¹ with some leading commercial real estate services companies reporting even higher vacancy rates.² Further, the decreased number of office workers on any given weekday has created significant challenges for commercial business districts, particularly in Manhattan, which customarily generates 58.5% of all office and retail property tax revenue for New York City³ and 45% of all jobs in New York City.⁴