The impact of COVID-19 on the United States and the rest of the world is unprecedented. Locally, COVID-19 has hit New York City and New York State particularly hard. The first confirmed case of COVID-19 in New York City was reported on March 1st 2020. Merely three weeks later, an order by the Governor of New York State (Andrew Cuomo) went into effect requiring all non-essential businesses to close. The purpose of this order was to enforce social distancing by staying home in order to “flatten the curve” on the spread of COVID-19. All non-essential construction was also halted. New York State leads the nation in cases of COVID-19. As of April 9th, New York City alone accounted for more than 87,000 cases.
To understand the potential long-term impact on the Manhattan office market, click to download the report.