April 13, 2017

Owners of older office properties are renovating as if their business depended on it.

“Throughout New York City’s existing inventory of nearly 500 million square feet of office space, landlords and tenants are investing billions of dollars to make their spaces more efficient, sustainable, and technologically-advanced,” said New York Building Congress’ Carlo A. Scissura. “They are doing so partly in response to increased competition from newer buildings, and the evolving demands of the 21st century workplace.”

Owners and developers received 5,641 permits to alter and renovate existing buildings totaling $9.3 billion in 2016 from the New York City Department of Buildings, up from an average $5.5 billion a year during 2011 through 2013. Renovations to office buildings led the way.

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