New York City office is experiencing its largest office construction pipeline in over a decade, especially in Midtown Manhattan, says Marcus & Millichap. Citywide, more than 8.3 million square feet of space is expected to be delivered before year’s end.
Within Midtown, One Manhattan West, 30 and 55 Hudson Yards and Hudson Commons combine for more than seven million square feet of premier office space set to come on line, Marcus & Millichap reports.
Outside Manhattan, the size and scale of projects remain considerable, led by The Wheeler and Dock 72 in Brooklyn. In Queens, The JACX, a mixed-use creative offering, highlights the rise of larger-scope and larger-scale assets outside core Manhattan neighborhoods.
The new deliveries will test New York’s office leasing market, which has benefited from a relatively small pipeline of construction. Up until now, it has surpassed four million square feet just twice in the past five years.
Pictured: One Manhattan West
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.