Unemployment Insurance (UI) claims show millions of American workers, including hundreds of thousands of New York City residents, struggling with COVID-19-related economic hardship. However, UI claims are not the best indicator of the potential impact of employment loss on the NYC office market. Instead, focus should be on the payroll employment of NYC employers, which has shown significant declines in both overall and office-using employment through mid-March. Troubling losses in the financial activities and professional and business services supersectors have already emerged, and with the data yet to reflect the worst impacts of the shut-down of nonessential businesses, the losses across all sectors are likely to mount in April and May. Even with these early losses, NYC office-using employment (OUE) is only off 0.8% from peak employment, reflecting the overall strength of the NYC economy heading into this crisis. Despite all of the unemployment claims and job losses to date, there has been little increase in office sublease space added to the market and average asking rents have held steady to date. Additionally, through April 24, no major Manhattan office occupier has filed a Worker Adjustment and Retraining Notification (WARN) with New York State indicating plans for substantial layoffs – an encouraging signal of near-term market stability, despite the ongoing COVID-19 crisis.