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Yelp looks to sublease Manhattan office space

Vox CEO Michael Kovac / Getty Images for Vanity Fair

Yelp has quietly let brokers know that its 200,000 SF of office space at SL Green’s 11 Madison Avenue and 70,000 SF at Clarion Partners’ 100-104 Fifth Avenue are available for sublease. The tech company is likely to see which of those spaces draws the most interest, and then consolidate its employees into the other, The Real Deal reported.

  • Not only techPwC also believes that it can get by with one of its two Manhattan offices. The Big Four accounting firm has quietly fielded sublease offers for its 800,000-SF space at Brookfield’s 300 Madison Avenue and its 240,000-SF office at Vornado’s 90 Park Avenue.
  • By the numbers: Manhattan ended 2020 with nearly 19 million SF of available sublease space, which accounts for roughly 29% of all the available office space in the borough.
  • Choose your narrative: Senior bankers are warning that working from home (WFH) is at risk of not working anymore, Bloomberg noted. Barclays’ CEO Jes Staley said at the virtual Davos summit that WFH is not sustainable in the corporate world. JPMorgan’s Mary Erdoes added, “if you ask anyone today, it feels like it is fraying, it’s hard, it takes a lot of inner strength and sustainability every single day to continue to focus and to not have the energy you get from being around other people.”
  • New surveyOnly about 1 in 10 companies expect all employees to return to their pre-pandemic work arrangements. The majority of companies are developing hybrid models in which people WFH some days and in their offices on other days, NBC reported. [TRD+Bloomberg+NBC]

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