The number of vacant offices in Manhattan is at its highest rate ever recorded, according to a recent report by investment management company Colliers.

In the first quarter of 2024, Manhattan’s office availability rate hit 18.1%, and the rate has been on a continual increase. In January, it was 17.9%, and in April 2023, it was 17.2%. In March 2020, it was only 10%.

John Maher, vice chairman of CBRE, the world’s largest commercial real estate services company, joined “The Rush Hour” Wednesday to discuss the current state of the office market in New York City.