On the market by 2018: 9.5M sf of Manhattan office space

Roughly 2 million sf is already open and available at One and Four World Trade Center: report

New York /
Feb.February 24, 2015 08:39 AM

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

 
 
 
 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)
Facebook close to finalizing Hudson Yards office deal: report
Facebook close to finalizing Hudson Yards office deal: report
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
(iStock)
Banks, tech among departures sinking Midtown office market
Banks, tech among departures sinking Midtown office market
Related CEO Jeff Blau and 455 Tenth Avenue (Chris Martin, Google Maps, iStock)
Related launches lodging for executives’ hybrid work
Related launches lodging for executives’ hybrid work
Major Food Group managing partner Jeff Zalaznick in front of 37 Hudson Yards (Major Food Group, Google Maps)
Major Food Group bringing members club to Hudson Yards
Major Food Group bringing members club to Hudson Yards
Tishman Speyer's Rob Speyer with 66 Hudson Boulevard (Tishman Speyer, Loopnet)
NewYork-Presbyterian takes 75K sf at Tishman Speyer’s Spiral
NewYork-Presbyterian takes 75K sf at Tishman Speyer’s Spiral
Brookfield Properties' Callie Haines (iStock, Brookfield Properties)
Hedge funds, investment firms rare bright spot for office leasing
Hedge funds, investment firms rare bright spot for office leasing
arrow_forward_ios

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

Loading...