A news story in 2022 about the rental market for office space in New York City noted that the borough of “Manhattan still has a glut of office space.” The article also reported that “overall, the average asking rent in Manhattan fell . . . to \($75.43\) per square foot. That’s still below the prepandemic average of \($79.47\) in March 2020.”

a. What does the article mean by a “glut”? What does a glut imply about the quantity of offices demanded relative to the quantity supplied?

b. Is the fact that office rents in Manhattan were falling connected to the fact that there was a glut in the market? Briefly explain.

c. Briefly explain whether the glut in this market is likely to eventually disappear.