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The end of the pandemic has brought little relief to Manhattan's depressed market for workspace, where empty floors remain the norm and by one calculation the values of 45% of the city's office buildings are below their last sale price. "There's essentially almost no market for office buildings right now because people don't know where the bottom is," said Andrew Nelson, a real estate economist who runs Nelson Economics in Washington. Unlike in past economic cycles, the office market has yet to correct after more than three years of a downturn, said Andrew Lim, a research director at Jones Lang LaSalle Inc in New York.

New yorkUnited statesAndrew nelsonNick zieminskiMark berrySavills plcKroll bond rating agencyJones lang lasalle incGroup incNelson economicsAndrew limHerbert lash