Investors value Manhattan office real estate for less than they did in 2020 amid AI anxiety
Manhattan office real estate, including properties owned by SL Green, Vornado Realty Trust, and Empire State Realty Trust, is currently valued by investors at levels below those seen in June 2020. This decline is attributed to fears that artificial intelligence will reduce demand for office space by making a significant portion of the white-collar workforce redundant. Despite some positive indicators like a recovering office market in New York City and increased subway ridership, recent data on office leasing and property valuations suggest a continued downturn for the sector due to AI-driven anxiety.
https://www.crainsnewyork.com/real-estate/investors-value-manhattan-office-real-estate-less-2020-amid-ai-anxiety