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

TRD 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
The architect claims the design, construction and marketing of the tower rips off the design of a tower he planned and modeled for his thesis

Lawsuit over WTC design is whittled down

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

15 Hudson Yards (Credit: Related-Oxford, iStock)

First he sold a plot of land to Hudson Yards’ developers. Now he owns 7 luxury condos there

The Plaza Hotel in 1975 and models walking the runway during New York Fashion Week September 2019 (Credit: Getty Images)

Fashion Week struts its stuff at these iconic NYC locations

M&T CEO René Jones and Brookfield managing partner Ben Brown with 5 Manhattan West (Credit: M&T, Brookfield, and Wikipedia)

Brookfield lands $184M refinancing for Manhattan West retail

From left: Prabal Gurung, Dana Lorenz and Stephen Ross (Credit: Getty Images)

Stephen Ross backlash hits Hudson Yards

Albert Laboz of United American Land with 430 West Broadway and 419 Broadway (Credit: Getty Images and rendering via YIMBY)

Laboz family plans 2 office developments
in Soho

From left: 1271 Sixth Avenue, 30 Hudson Yards, and 55 Water Street (Credit: Wikipedia)

Manhattan leasing activity up year-over-year while asking rents hit record high

arrow_forward_ios