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Kristen Smithberg
Sep 5, 2024
Older office stock has lost the equivalent of Manhattan in absorption since COVID-19
Older office stock is one of the biggest concerns in the U.S. commercial real estate market, as buildings built before 2015 have lost 250 million square feet of absorption since COVID-19. That's the equivalent of the size of Manhattan, said Warren Wachsberger of real estate investment management firm Eldridge Acre Partners during a segment on CNBC. Meanwhile, buildings built after 2015 have gained 140 million square feet of absorption during the time period.
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