Cargo Business Newswire

Wednesday, June 18, 2014

Manhattan to add 9 million square feet of office space by 2015

Manhattan, the largest U.S. office market, will add 9 million square feet of office space by 2015, as projects at Hudson Yards and the World Trade Center site are completed, according to the New York Building Congress.

The borough will develop nine development sites from last year through 2015, said the organization, which promotes construction in the New York City area.

An additional 10 million square feet at six buildings is likely to become available from 2016 through 2018, the group said in a statement.

The forecasts through 2018 include planned towers at 2 and 3 World Trade Center in lower Manhattan, where office leasing has exceeded the five-year average in each of the 12 consecutive quarters, reported real estate brokerage CBRE Group Inc. in April.

A total of 24.4 million square feet of new office space will likely be built from 2010 through 2019, more than the 19.4 million square feet added from 2000 through 2009, the Building Congress said.

"It’s a vote of confidence in the market, which we think is long overdue," Richard T. Anderson, president of the New York Building Congress, said in a telephone interview.