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Manhattan Offices Get an Update

Manhattan office buildings can face some challenges. “Remember, 88% of the buildings in Manhattan were built before the 1980s. You have low ceiling heights, poor infrastructure, inefficient floorplans,” said Charles Stephens, senior associate Cushman & Wakefield in an appearance on Nasdaq TradeTalks. Stephens is also New York City correspondent for Connect Media.

However, a flood of new developments are opening, with 13 million square feet of office space under construction, and another projected 18 million square feet in the pipeline. “This hasn’t happened since the 1980s, with a growth boom like that,” said Stephens.

New buildings are drawing companies to neighborhoods like the new Far West Side. “Midtown is really opening up. This is where the new live, work, play environment is going to be,” said Stephens. Another new center is growing in Downtown Manhattan at the World Trade Center. “Everyone is migrating,” he said.

For comments, questions or concerns, please contact Bendix Anderson

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