Manhattan Seeing Surge in New Office Construction: Report

KEIKO MORRIS

Manhattan is experiencing a surge in new office construction that is set to outpace previous years, but whether the economy will generate the office jobs to keep vacancy rates from rising remains a question, according to a new report.

Manhattan will add 9 million square feet of new office space between 2013 and 2015, more than two-thirds of it located in three towers – One World Trade Center, 4 World Trade Center and 10 Hudson Yards, according to the report released by the New York Building Congress, an association promoting the construction industry. If realized, that would be the highest amount of new office space built in a three-year period since 1990.

The report forecasts about 24.4 million square feet of new office space will be built between 2010 and 2019, up about 26% from the 19.4 million square feet added between 2000 and 2009.

http://blogs.wsj.com/metropolis/2014/06/16/manhattan-seeing-surge-in-new-office-construction-report/?mod=WSJBlog&mod=WSJ_NY_NY_Blog