September 23, 2016
By Stephanie West
New York, NY – More than 20 million square feet of office space spread across 23 new office buildings is expected to be completed in Manhattan between 2016 and 2021, according to a New York Building Congress analysis of multiple data sources.
The bulk of the new Manhattan office space completed during the period will be concentrated in the Hudson Yards district, with additional towers opening at the World Trade Center and in East Midtown. Not included in this count are three office towers in the Hudson Yards district and one at the World Trade Center that have been fully designed and have all the approvals necessary to move forward once an anchor tenant and financing have been secured.
This surge in new construction will result in at least a total of 25.8 million square feet of new office space being completed in the decade between 2010 and 2019. In the period between 2000 and 2009, New York City added 19.4 million square feet of newly-built office space, which was offset by the loss of more than 10 million square feet in the terrorist attacks on 9/11.
"Thanks to the current building boom in new office construction, the decade from 2010 through 2019 is on track to be the best since the 1980s for Manhattan," said New York Building Congress President Richard T. Anderson. "And the following decade is shaping up to be a repeat of the 'roaring 20s.' If all goes right, we could see upwards of 13 million square feet of additional office space under construction when 2020 rolls around."