The Big Apple is downsizing ...

Many technology companies are seeking to sublet empty office space in New York after laying off workers and because many of their employees are working from home.

Credit...Gabby Jones for The New York Times

When a market for a industry matures, a slowdown in said industry always occurs, something happening in the tech sector, not only in NYC but also in the US.

To whit ...

After years of steady growth, many technology companies are laying off workers and giving up millions of square feet of office space in the city.

For much of the last two decades, including during the pandemic, technology companies were a bright spot in New York’s economy, adding thousands of high-paying jobs and expanding into millions of square feet of office space.

Their growth buoyed tax revenue, set up New York as a credible rival to the San Francisco Bay Area — and provided jobs that helped the city absorb layoffs in other sectors during the pandemic and the 2008 financial crisis.

Now, the technology industry is pulling back hard, clouding the city’s economic future.

Spotify is trying to sublet five of the 16 floors it leased six years ago in 4 World Trade Center, right.

Credit...George Etheredge for The New York Times

Facing many business challenges, large technology companies have laid off more than 386,000 workers nationwide since early 2022, according to layoffs.fyi, which tracks the tech industry. And they have pulled out of millions of square feet of office space because of those job cuts and the shift to working from home.

That retrenchment has hurt lots of tech hubs, and San Francisco has been hit the hardest with an office vacancy rate of 25.6 percent, according to Newmark Research.

New York is doing better than San Francisco — Manhattan has a vacancy rate of 13.5 percent — but it can no longer count on the technology industry for growth. More than one-third of the roughly 22 million square feet of office space available for sublet in Manhattan comes from technology, advertising and media companies, according to Newmark.

Downsizing indeed.