Manhattan’s office towers are now valued at prices less than they were at the peak of the COVID-19 pandemic, as a new threat emerges: Artificial Intelligence.
A new report from brokerage firm Evercore ISI found that publicly traded landlords with large Manhattan office portfolios are worth less than in June 2020, when the city was grappling with lockdowns and deserted business districts.
The shift reflects growing concerns that AI could reshape white-collar employment and ultimately reduce demand for office space across the city.
Shares of the office sector have already taken a hit this year. According to Evercore, stocks tied to office towers have dropped about 12% so far in 2026, sharply trailing the broader real estate investment trust market, which has gained about 11% over the same period…