Manhattan to add nine million square feet of office space | 20 June 2014
Around nine million square feet of office space will be made available in Manhattan over the next two years, a new report from the New York Building Congress has revealed.
According to wsj.com, more than two-thirds of the office space will be split between three towers – 4 World Trade Center, One World Trade Center and 10 Hudson Yards. If all the space is finalised, it will be the largest amount seen in a th ree-year period since 1990. Moreover, a further ten million square feet of space could become available at six office buildings between 2016 and 2018.
Richard T. Anderson, president of the New York Building Congress, feels positive about the figures.
“It’s a vote of confidence in the market, which we think is long overdue,” he said. “As a global center of finance and office-related functions, the city needs to regenerate its office space.”
However, there is some concern that not all of this new office space will get filled, as job growth is slowing in office-related sectors such as finance and law. Not only that, but employers are cutting costs and this is effecting the amount of office s pace needed. Now the average worker is only given around 200 square feet in new and renovated buildings; this is a decline from 250 square feet, reports bloomberg.com.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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