Mark Hussman

One Vanderbilt opens at a time when leasing prices are in decline thanks to work from home and the city’s biggest construction boom since the 1980s. Subletting and short-term renewals now account for more than 70% of leases as companies fight off the impact of a downturn that has given New York the highest unemployment rate, at 20%, among the biggest U.S. cities.

One Vanderbilt, the second tallest office tower in Manhattan after One World Trade Center, opens at a time when leasing…