Midtown East plan’s office surge won’t outstrip demand: report

New York /
Sep.September 19, 2013 12:52 PM

The city’s Independent Budget Office is confident there will be enough demand for the glut of office space Mayor Michael Bloomberg’s Midtown East rezoning plan would create, but cautioned that tenants’ changing needs could lead to a surplus of space.

More than 50 million square feet of new space will serve as sufficient lodging for the base of commercial tenants expected to grow by 2040, according to a report from the agency. As the plan heads to City Council for a final vote next month, the report gives hope to the Bloomberg administration. Council member Dan Garodnick, whose district includes Midtown East, commissioned the report.

The IBO did, however, make one concession, noting that it may have overestimated the demand depending on tenants’ future needs. Companies tend to be more efficient with space these days and fit more employees into fewer square feet. [Crain’s]Mark Maurer


Related Articles

arrow_forward_ios
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
350 Park
Vornado, Rudin mull 1,450-foot tower in Midtown East
Vornado, Rudin mull 1,450-foot tower in Midtown East
Suri Kasirer
WATCH: Suri Kasirer on the influence of her father’s Holocaust stories and lobbying hard for the Vanderbilt Corridor and Cornell Tech
WATCH: Suri Kasirer on the influence of her father’s Holocaust stories and lobbying hard for the Vanderbilt Corridor and Cornell Tech
JPMorgan is redesigning 270 Park after pushback over public space
JPMorgan is redesigning 270 Park after pushback over public space
JPMorgan is redesigning 270 Park after pushback over public space
Grand Central and Chrysler building in daytime
RXR joining TF Cornerstone, MSD Capital on $3B Grand Hyatt redevelopment
RXR joining TF Cornerstone, MSD Capital on $3B Grand Hyatt redevelopment
JPMorgan buys 667K sf of air rights from Grand Central for 270 Park
JPMorgan buys 667K sf of air rights from Grand Central for 270 Park
JPMorgan buys 667K sf of air rights from Grand Central for 270 Park
Board of 417 Park Avenue makes another push for sale
Board of 417 Park Avenue makes another push for sale
Board of 417 Park Avenue makes another push for sale
JPMorgan Chase isn’t done buying air rights for its ground-up HQ
JPMorgan Chase isn’t done buying air rights for its ground-up HQ
JPMorgan Chase isn’t done buying air rights for its ground-up HQ
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...