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Congestion pricing had been in the works since the great transit meltdown of 2017 and had at least $550 million already invested.
New York’s commercial market is being crushed under the weight of 20 million square feet of available office subleases.
WeWork’s first move was to dump 70 leases—35 of them in New York.
Accounting firm NCheng has apparently done the math and decided it needs a larger footprint within 40 Wall Street.
While the current 19.6% availability rate for office space is worrisome for building owners, commercial leasing brokers and tenants are smiling again.