Things are looking up as far as commercial real estate in New York City is concerned, with office construction once again hitting its stride.
According to the New York Building Congress, developers are set to add 9 million square feet of fresh office space in Manhattan between last year, 2013, and the end of next year.
When you look at the data over the course of 10 years, the future is even brighter. From the period of 2010 to 2019, the city is projected to add approximately 24 million square feet in the way of office buildings. Not only will this give companies a new place to call home, but it could go a long way in attracting business from out of the area.
After 20 years of poor or average development, the market in the Big Apple is beginning to strengthen in a big way.
The Building Congress president said, "Hopefully this will lead to some fluidity in the market. So prices will tend to be moderate and, more importantly, office tenants will have greater choice of facilities."
Office buildings will be added all around the area, with more than 66 percent downtown at 10 Hudson Yards, 4 World Trade Center and 1 World Trade Center.
Real estate development is always big business in New York City, but as far as office buildings are concerned, there appears to be a wave of activity coming through 2015, as well as through 2019. This gives many people, including tenants and developers, the chance to get in on the action.
Source: Crain's New York Business, "Office construction hits fastest pace since 1990" Mark Fahey, Jun. 16, 2014