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New York

Fears of office space glut could be unwarranted

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Despite fears about an office space glut, industry leaders are saying they aren’t too worried. Over the next five years, 4 million square feet of office space is slated for development on Eighth Avenue, including SJP Properties’ 40-story 11 Times Square building and Vornado Realty Trust’s 42-story building. Officials say the five-year span will allow the space to be smoothly absorbed into the Midtown market. And many Manhattan leases signed in the late 1990s will be up around the time the new office buildings will enter the market, creating more demand for the new office space.