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Jumbo Floorplates a “Scarce Commodity” in Manhattan

Call it a mismatch between demand and supply. Jumbo office floorplates of 100,000 square feet or more are favored by West Coast tech firms but are a scare commodity in Manhattan, according to CBRE’s Nicole LaRusso.

Within Manhattan’s office universe are just 13 buildings offering only 83 floors of 100,000 square feet or more. These floors total 11.1 million square feet, or less than 3% of the Manhattan inventory.

“Demand is strong for this scarce commodity, with availability of just 5.4%,” LaRusso wrote. In fact, the availability rate is currently zero for floorplates over 200,000 square feet. “TAMI tenants have been the most prolific in taking these spaces,” accounting for roughly 50% of the occupancy of jumbo floorplates.

Two redevelopment projects—St. John’s Terminal in Hudson Square (pictured) and the Farley Post Office in Midtown—will provide some relief, adding eight floors totaling 1.3 million square feet to the inventory.

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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