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
Council member Kristin Richardson Jordan and New York City Department of City Planning's Dan Garodnick (Getty Images, One45, NYC.gov Department of City Planning, Illustration by Kevin Cifuentes for The Real Deal)
Harlem resi towers project heads to contentious Council vote
Harlem resi towers project heads to contentious Council vote
Dan Garodnick (iStock)
City Planning head talks 421a, easing into rezonings
City Planning head talks 421a, easing into rezonings
Dan Garodnick (Getty, iStock)
Dan Garodnick to head City Planning
Dan Garodnick to head City Planning
Mayor Eric Adams with Jessica Katz of the Citizens Housing and Planning Council and Carlo Scissura (Getty, CHPCNY, Building Congress)
Adams to tap Jessica Katz for housing post, Carlo Scissura to run EDC
Adams to tap Jessica Katz for housing post, Carlo Scissura to run EDC
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
arrow_forward_ios

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

Loading...