today, the number of people returning to in-person work is less than 50% in ten major metro areas, forcing companies to rethink physical office space. half of the biggest global companies say they ll need more real estate in the next five years. if there s no tenant, you re not making money, what do you? there s no recouping lost income for down time. reporter: steven durel runs the leasing at sl green, new york city s largest commercial landlord, with more than 30 million square feet of space to rent, the collapsing demand for office space means their tenant vacancy rate shot up from 3% pre-pandemic to 10% today. that calls for some creativity. you can build the set in here, you can have a fight scene in here. sl green is now working with back lot, a company that connects landlords at 332 buildings across new york and new jersey with film and tv companies.
less than 50% in ten major metro areas, forcing companies to rethink physical office space. half of the biggest global companies say they ll need less real estate in the next three years. leaving landlords with loans to pay in a bind. no tenant, you re not making money. what do you do? there s no recouping lost income for down time. reporter: steven dorell runs the leasing at sl green, new york city s largest commercial landlord, with more than 30 million square feet of space to rent, the collapsing demand for office space means their tenant vacancy rate shot up from 3% pre-pandemic to 10% today. that calls for some creativity. you can build a set in here. you can have a fight scene in here. sl green is working with back lot, a company that connects landlords at 332 buildings across new york and new jersey, with film and tv companies. this episode of law & order was filmed in this vacant office in mid town manhattan.
businesses are experiencing high vacancy rates in the u.s. nearly 19%. 5.5% higher than before the pandemic. i think it s a very unique moment. nothing like any disruptive marketplace that i have experienced over the past 40 years. the pandemic emptyied offices around the country the number of people returning to in-person is less than 50% in ten major metro areas forcing companies to rethink physical office space. half of the biggest global companies say they will need less real estate in the next three years leaving landlords with loans to pay in a bind. if there s no tenant, you re not make ing money. there s no recooping lost income for down time. reporter: steven runs the leasing a at new york city s largest commercial landlord with more than 30 million square feet of space to rent, the collapsing demand for office space means their vacancy rate shot up from 3% pre-pandemic to 10% today.
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