NYC Office: Biggest Development Pipeline in More Than 10 Years
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.
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 GlobeSt.com 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).