The aging apple

Older office stock, little commercial construction puts NYC behind global competitors when it comes to new office space

Moscow City Palace tower

From the November issue: With a rapidly aging pool of commercial towers, New York has fallen behind dozens of other international cities, which are adding state-of-the-art office space to their building stock at far faster rates than the Big Apple. Just 2.6 million square feet of office space was under construction here as of the end of June, ranking Manhattan an abysmal 34th in a list of international cities producing new, modern commercial space, according to a review by Colliers International. That number only includes 1 World Trade Center, but if 4 World Trade Center, which is also under construction now, is factored in, the number jumps to 4.9 million square feet. [more]