{"id":1004535277,"date":"2021-05-18T04:13:04","date_gmt":"2021-05-18T12:13:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004535277"},"modified":"2022-12-08T22:03:53","modified_gmt":"2022-12-09T06:03:53","slug":"new-york-city-market-update-manhattan-development-pipeline-increases-yoy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-york-city-market-update-manhattan-development-pipeline-increases-yoy\/","title":{"rendered":"NYC Market Update: Development Increases YOY"},"content":{"rendered":"\n<p>As of March, roughly 24 million square feet of office space was under construction in New York City, according to CommercialEdge. Most of these developments, amounting to 80 percent of the city\u2019s total pipeline, are concentrated in Manhattan.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004535278\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/new-york-city-market-update-manhattan-development-pipeline-increases-yoy\/market-update\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Market-Update\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg\" alt=\"\" class=\"wp-image-1004535278\" width=\"351\" height=\"272\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 351px) 100vw, 351px\" \/><\/figure><\/div>\n\n\n\n<p>There were 19.2 million square feet of office space taking shape in Manhattan last month, 4 percent of total stock. The figures are slightly higher compared to last year\u2019s 18.3 million and 3.8 percent, at the onset of the global health crisis. Despite <a href=\"https:\/\/www.commercialsearch.com\/news\/an-in-depth-look-at-nycs-office-landscape\/\">historically depressed leasing activity<\/a>, the year-over-year increase in under construction stock shows some signs of developer confidence in the long-term rebound of the market.<\/p>\n\n\n\n<p>Seven projects in excess of 1 million square feet were rising in Manhattan as of March. The two largest towers, the 58-story <a href=\"https:\/\/www.commercialsearch.com\/news\/developers-top-out-3-8b-manhattan-skyscraper\/\">50 Hudson Yards<\/a> and Tishman Speyer\u2019s 66-story <a href=\"https:\/\/www.commercialsearch.com\/news\/the-spiral-tops-out-in-manhattan\/\">The Spiral<\/a> both topped out in the beginning of the year, making Hudson Yards one of the hottest neighborhoods for development in the borough. Related Cos., Mitsui Fudosan America and Oxford Properties Group are behind the $3.8 million, Foster + Partners-designed skyscraper known as 50 Hudson Yards, with tenants like Facebook and BlackRock already locked in.<\/p>\n\n\n\n<p>Brooklyn\u2019s development pipeline inched up to 3 million square feet, a slight increase compared to the 2.5 million recorded in the same period in 2020. Nearly 80 percent of <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-office-projects-under-construction-in-brooklyn\/\">the borough\u2019s current projects<\/a> are slated for delivery by the end of 2021. JEMB Realty\u2019s 1 Willoughby Square tower, one of the largest developments underway in Brooklyn, is also nearing completion. The first ground-up office project to rise in downtown for decades will offer 500,000 square feet across 34 stories.<\/p>\n\n\n\n<p>In Queens, there were seven properties under construction as of March, amounting to a total of roughly 950,000 square feet. For each of The Bronx and Staten Island, the under construction pipeline was less than 500,000 square feet. CommercialEdge data showed all of the projects in the two boroughs planned for delivery by mid-2021.<\/p>\n\n\n\n<p><em>CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report&nbsp;<a href=\"https:\/\/www.commercialedge.com\/blog\/commercialedge-national-office-report-march-2021\/\">here<\/a>.&nbsp;We included properties of 25,000+ square feet in our research.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pandemic-induced uncertainty didn&#8217;t entirely intimidate investors, as the market&#8217;s under-construction office stock ticks up, according to CommercialEdge.<\/p>\n","protected":false},"author":739,"featured_media":1004535278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,22251,1600,21742,10],"tags":[51047,50674],"class_list":["post-1004535277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-in-focus","category-new-york","category-latest","category-northeast","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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