Manhattan will have at least 9.5 million square feet of available office space on the market by 2018, according to an analysis by the New York Post.
Roughly two million square feet of that total number has already hit the market at One and Four World Trade Center, according to the newspaper. The remaining 7.5 million square feet are either under construction or ready to be built, such as Hudson Yards on the Far West Side. In total, Manhattan has about 450 million square feet of office space.
The tally doesn’t include space that is already spoken for, such as Skadden Arps’ lease at 1 Manhattan West or Bank of China’s deal at 7 Bryant Park. There is also 800,000 square feet coming to One Vanderbilt, where TD Bank has signed on to be the anchor tenant. That project still needs approval from the city council.
The addition of all that office space outside Midtown could also suggest that the city’s commercial core is moving further Downtown, according to the newspaper.
“The magic of Manhattan is in constantly creating new places,” Mitchell Moss, a professor of urban policy and planning at New York University, told the newspaper. But, he added, “Midtown still has premier value … Park and Fifth avenues still have global identities, and you’ll always see firms wanting to be there.” [NYP 1st] — Claire Moses