The heart of New York is entering its most significant office construction drought in decades. The next wave of towers may not open until at least the early 2030s.
NEW YORK — The Manhattan office construction boom is over. Just three large office towers — of more than 500,000 square feet — are being built across New York City, with two expected to open in 2024 or 2025 and nothing else projected to go up for years. Normally, a handful of sites that size would be in various stages of construction, with at least one opening every year since 2018, according to JLL, a real estate services firm. Nearly 20 large office buildings that developers have proposed, inc
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Kastle’s most recent “New York metro” estimate was just 48.9%. Yet the New York Times and other media continue to ignore the REBNY and Partnership stats in favor of Kastle and portray certain Manhattan commercial districts as “ghost towns.”