{"id":1004338451,"date":"2019-07-18T02:31:38","date_gmt":"2019-07-18T10:31:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004338451"},"modified":"2022-09-05T06:58:39","modified_gmt":"2022-09-05T14:58:39","slug":"manhattan-office-report-spring-2019","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/","title":{"rendered":"Manhattan Office Report \u2013 Spring 2019"},"content":{"rendered":"
\"Office-using<\/a>

Office-using employment in Manhattan, click to enlarge<\/p><\/div>\n

Manhattan\u2019s robust economy, dynamic business environment and sustained job growth have been paving the way for a favorable office market. Mayor de Blasio\u2019s New York Works plans, along with million-dollar private funding, will fuel the next generation of innovation in the metro, encouraging economic and job growth. With Facebook\u2019s planned expansion and Google\u2019s new Hudson Square campus, as well as major flexible workspace provider expansions and government and nonprofit leases, the metro\u2019s office market is well-positioned for the next economic downturn.<\/p>\n

READ THE FULL YARDI MATRIX REPORT<\/a><\/p>\n

The professional and business services sector led the way in job growth, with more than 14,600 positions added in the 12 months ending in February. The financial activities sector lost 1,500 jobs due to industry restructuring and business consolidations. However, long-term headquarters commitments by Google, Deutsche Bank and the Walt Disney Co. are projected to add thousands of office-using jobs in the coming quarters.<\/p>\n

\"Employment<\/a>

Employment growth by sector in Manhattan, click to enlarge<\/p><\/div>\n

Following the opening of the first phase of the Hudson Yards megaproject, office vacancy was highest in Lower Manhattan\u2019s World Trade Center (18.2 percent at the end of March). The available blocks of space are rapidly filled in, as most of Manhattan\u2019s up-and-coming space is pre-leased. Coworking is adding value to the existing inventory. The development pipeline comprises more than 22 million square feet of office space, with development activity concentrated in Chelsea (10.7 million square feet underway).<\/p>\n

Read the full Yardi Matrix report.<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Although more than 14,600 professional and business services jobs were added in the metro, the financial activities sector lost 1,500 positions due to industry restructuring and business consolidations.<\/p>\n","protected":false},"author":240,"featured_media":1004338457,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"audio","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,1600,21742,10,41267],"tags":[],"class_list":["post-1004338451","post","type-post","status-publish","format-audio","has-post-thumbnail","hentry","category-featured","category-new-york","category-latest","category-northeast","category-yardimatrix-reports","post_format-post-format-audio"],"acf":[],"yoast_head":"\nManhattan Office Report \u2013 Spring 2019 - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan Office Report \u2013 Spring 2019\" \/>\n<meta property=\"og:description\" content=\"Although more than 14,600 professional and business services jobs were added in the metro, the financial activities sector lost 1,500 positions due to industry restructuring and business consolidations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-18T10:31:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-05T14:58:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Manhattan-Matrix-Report-Image-by-Vipersniper-iStockphoto.com_.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Timea-Erika Papp\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/\",\"name\":\"Manhattan Office Report \u2013 Spring 2019 - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Manhattan-Matrix-Report-Image-by-Vipersniper-iStockphoto.com_.jpg\",\"datePublished\":\"2019-07-18T10:31:38+00:00\",\"dateModified\":\"2022-09-05T14:58:39+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f58a713dcbdcb5aab2648af2aa04d6ae\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Manhattan-Matrix-Report-Image-by-Vipersniper-iStockphoto.com_.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Manhattan-Matrix-Report-Image-by-Vipersniper-iStockphoto.com_.jpg\",\"width\":800,\"height\":620,\"caption\":\"Manhattan Matrix Report Image by Vipersniper iStockphoto.com\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Manhattan Office Report \u2013 Spring 2019\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f58a713dcbdcb5aab2648af2aa04d6ae\",\"name\":\"Timea-Erika Papp\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1abbd000efb56bab071b49e7aa22c0d49e96fb0374efdef0909c7744785579a7?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1abbd000efb56bab071b49e7aa22c0d49e96fb0374efdef0909c7744785579a7?s=96&d=mm&r=g\",\"caption\":\"Timea-Erika Papp\"},\"description\":\"Timea is a senior writer covering CRE marketing, tech and real estate trends, as well as industry news in the U.S. Timea was previously a senior associate editor at Multi-Housing News and Commercial Property Executive and has an academic background in law. She has been working in the real estate industry since 2011.\",\"sameAs\":[\"timea-erika.papp@cpe-mhn.com\"],\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/timeaerikapapp\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Manhattan Office Report \u2013 Spring 2019 - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/","og_locale":"en_US","og_type":"article","og_title":"Manhattan Office Report \u2013 Spring 2019","og_description":"Although more than 14,600 professional and business services jobs were added in the metro, the financial activities sector lost 1,500 positions due to industry restructuring and business consolidations.","og_url":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2019-07-18T10:31:38+00:00","article_modified_time":"2022-09-05T14:58:39+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Manhattan-Matrix-Report-Image-by-Vipersniper-iStockphoto.com_.jpg","type":"image\/jpeg"}],"author":"Timea-Erika Papp","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/","url":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/","name":"Manhattan Office Report \u2013 Spring 2019 - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Manhattan-Matrix-Report-Image-by-Vipersniper-iStockphoto.com_.jpg","datePublished":"2019-07-18T10:31:38+00:00","dateModified":"2022-09-05T14:58:39+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f58a713dcbdcb5aab2648af2aa04d6ae"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Manhattan-Matrix-Report-Image-by-Vipersniper-iStockphoto.com_.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Manhattan-Matrix-Report-Image-by-Vipersniper-iStockphoto.com_.jpg","width":800,"height":620,"caption":"Manhattan Matrix Report Image by Vipersniper iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-report-spring-2019\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Manhattan Office Report \u2013 Spring 2019"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f58a713dcbdcb5aab2648af2aa04d6ae","name":"Timea-Erika Papp","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1abbd000efb56bab071b49e7aa22c0d49e96fb0374efdef0909c7744785579a7?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1abbd000efb56bab071b49e7aa22c0d49e96fb0374efdef0909c7744785579a7?s=96&d=mm&r=g","caption":"Timea-Erika Papp"},"description":"Timea is a senior writer covering CRE marketing, tech and real estate trends, as well as industry news in the U.S. Timea was previously a senior associate editor at Multi-Housing News and Commercial Property Executive and has an academic background in law. She has been working in the real estate industry since 2011.","sameAs":["timea-erika.papp@cpe-mhn.com"],"url":"https:\/\/www.commercialsearch.com\/news\/author\/timeaerikapapp\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/Manhattan-Matrix-Report-Image-by-Vipersniper-iStockphoto.com_.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004338451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/240"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004338451"}],"version-history":[{"count":8,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004338451\/revisions"}],"predecessor-version":[{"id":1004601638,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004338451\/revisions\/1004601638"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004338457"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004338451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004338451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004338451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}