Manhattan and surrounding New York City metro employment is growing and office absorption has been positive – but at a weaker pace than a few years back. Shifting trends in co-working are reducing office space needed per employee and potentially increasing risk to the market. Significant supply on the horizon with the addition of Hudson Yards and other projects may exceed demand. Rents are showing signs of recent declines, and concessions are increasing. With tight cap rates, and less steady demand, equity investments in stabilized top tier office is exposed to a potential slowdown.