Manhattan office users are actively downsizing in response to changing work models. Many employees either haven't returned to the office or have only returned part-time, reducing the demand for corporate office space. As a result, both new leasing activity and lease renewals are declining in the market.

"As leases renew, many companies are looking to take less space. One reason is that people aren't coming back into the office. The working model of coming in five days a week is something that we aren't going to see for a while in some industries. There is no reason why a company needs to take the same amount of space if people are coming in fewer days per week," Rob Gilman, co-head of the real estate group at Anchin, tells GlobeSt.com.

Overall, there is no trend in terms of the industries that are staying in the office versus those that are downsizing. "It isn't necessarily industry related. It is company by company. Each company is going to have their own rules going forward," says Gilman.