Microsoft Corp. is looking to sublease offices in Manhattan’s Times Square as major technology companies cut back on real estate.
(Bloomberg) — Microsoft Corp. is looking to sublease offices in Manhattan’s Times Square as major technology companies cut back on real estate.
The Redmond, Washington-based tech firm is marketing more than 42,000 square feet (3,900 square meters) of offices at 11 Times Square, according to real estate data firm CoStar. A Microsoft spokesperson declined to comment.
Microsoft, which has been cutting jobs, has made other real estate reductions, including abandoning plans for a new office complex in London.
The pullback has ratcheted up the pressure on office landlords already contending with record vacancies and lower demand. It’s a drastic change for the technology industry, which was once a major driver of leasing. Firms including Alphabet Inc., Meta Platforms Inc. and Amazon.com Inc. have all announced plans to reduce their real estate footprints.
In Manhattan, Twitter Inc. and Spotify Technology SA are among the companies that have marketed offices for sublease this year.
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