July 1, 2019
New York City office is experiencing its largest office construction pipeline in over a decade, especially in Midtown Manhattan, says Marcus & Millichap. Citywide, more than 8.3 million square feet of space is expected to be delivered before year’s end.
Within Midtown, One Manhattan West, 30 and 55 Hudson Yards and Hudson Commons combine for more than seven million square feet of premier office space set to come on line, Marcus & Millichap reports.
Outside Manhattan, the size and scale of projects remain considerable, led by The Wheeler and Dock 72 in Brooklyn. In Queens, The JACX, a mixed-use creative offering, highlights the rise of larger-scope and larger-scale assets outside core Manhattan neighborhoods.
The new deliveries will test New York’s office leasing market, which has benefited from a relatively small pipeline of construction. Up until now, it has surpassed four million square feet just twice in the past five years.
Pictured: One Manhattan West
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