The Department of Citywide Administrative Services is directing city agencies to identify underused office space that could be dropped in an effort to cut costs. This project, described as a mayoral priority by Jesse Hamilton, aims to reduce municipal office space and achieve significant savings while extending the search for potential cost-saving measures beyond just office space to include the conversion of city-owned land into affordable housing.
As of last July, the city was responsible for three of the month's 10 largest office leases, spanning 245,000 square feet. However, the changing dynamics of the workforce post-pandemic, with positions going unfilled, have reduced the necessity for large office spaces. The current underutilization of these spaces poses a significant challenge for landlords and could lead to financial strain.
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