When we first moved office space to the city from Brooklyn, in 2012 we were seeing rents in the mid $50's, now at a record low (past three years) of $73 per sq ft, still quite a bit way off of where rent was less than 10 years ago. And that's after a tremendous amount of real estate has been developed for office space.

2012 was pre WeWork, it was also pre Hudson Yards - though that is extremely pricey office real estate.

The benefit of reduced rents is that when the market recovers companies that hadn't previously considered the city affordable can take advantage of lower rates and as a blended avg I'm sure there are some great deals to be found.