Hudson Yards Changes the Map for Office Properties
Companies are eagerly leasing new office space at Hudson Yards on the Far West Side of Manhattan — creating a challenge for office properties not in Hudson Yards.
“Imagine a giant vacuum cleaner and you have the effect of Hudson Yards on the rest of the market for office space. There will be a lot of space in Midtown that will need to be absorbed,” says Michael Cohen, president of the TriState region for Colliers International, speaking at at Connect New York, held Sept. 19, 2017 at The Underground, Rockefeller Center
However, in the long run, the empty space in the heart of Manhattan is likely to be filled. Developers are now adding 15 million square feet of office space to New York’s inventory of roughly 400 million square feet. It’s a lot — but not compared to the size of the overall market. “The new office product is sorely needed, and as a percentage of the existing stock, it is de minimis [minimal],” said Bruce Mosler, chairman of global brokerage for Cushman & Wakefield (pictured, back row center, with the Next Generation Award winners).
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