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Manhattan is about to see the biggest boom in office stock since the 1980s.
There’s roughly 30M SF either proposed, under construction or undergoing major repositions, with Hudson Yards leading the pack, followed by Downtown and Midtown, The Real Deal reports, based on a report put out by Colliers International.
Half of the 13M SF in new construction is already accounted for. However, only 3% of the 14.5M SF in pre-construction has been claimed, leading some to worry about the effect on prices when all that square footage finally hits the market.
Gregory Kraut, a principal at Avison Young, is optimistic though. “Although there is still some uncertainty in the marketplace, I don’t see rental rate pricing adjusting downward,” he tells The Real Deal. [TRD]
