{"id":1004544551,"date":"2021-07-28T22:49:54","date_gmt":"2021-07-29T06:49:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004544551"},"modified":"2022-12-08T23:49:27","modified_gmt":"2022-12-09T07:49:27","slug":"nyc-market-update-manhattans-office-pipeline-surpasses-20-msf","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-manhattans-office-pipeline-surpasses-20-msf\/","title":{"rendered":"NYC Market Update: Manhattan&#8217;s Office Pipeline Surpasses 20 MSF"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004545005\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-slow-and-steady-development-progress\/market-update-resized\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" data-orig-size=\"1200,930\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Patricia Todoran&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1497549143&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;1&quot;}\" data-image-title=\"Market-Update-resized\" data-image-description=\"&lt;p&gt;Office Sales Update Q2&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=1024\" class=\"wp-image-1004545005 size-medium alignright\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=768,595 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=1024,794 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>As of June, 20.9 million square feet of office space was taking shape within Manhattan, a 15 percent expansion year-over-year, according to CommercialEdge data.<\/p>\n<p>By mid-2021, Manhattan\u2019s pipeline amounted to 4.3 percent of total stock, well above the national average of 2.4 percent, and exceeding that of other gateway markets, such as San Francisco (4.1 percent), Miami (3.7) and Los Angeles (3.2), but falling behind Boston (5.5) and Seattle (4.7).<\/p>\n<p>The borough\u2019s pipeline is largely sustained by <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-office-projects-under-construction-in-manhattan\/\">several massive developments<\/a> that have been underway before the pandemic and concentrate around Hudson Yards. The largest project to have broken ground in the first six months of the current year is the $242 million, <a href=\"https:\/\/www.commercialsearch.com\/news\/national-urban-leagues-242m-harlem-hq-breaks-ground\/\">414,000-square-foot Urban League Empowerment Center in Harlem<\/a>.<\/p>\n<p>As for deliveries, the 344,600-square-foot One Essex Crossing\u2019s workspace component remains the largest office space to be completed in 2021. Situated at 145 Delancey St., the mixed-use building is part of the large-scale Essex Crossing development spanning nine full city blocks on the Lower East Side. The developers\u2014Taconic Partners, L+M Development Partners and BFC Partners\u2014are marketing the Class A office space at 145 and 155 Delancey St. as <a href=\"https:\/\/www.commercialsearch.com\/news\/developing-offices-for-manhattans-mixed-use-future\/\">Essex Crossing Offices<\/a>. Totaling 350,000 square feet, the Offices are divided equally between the pair of adjacent buildings.<\/p>\n<h2>Downtown Brooklyn\u2019s Tallest Tower Delivers<\/h2>\n<p>Although seeing slow but steady growth throughout 2021, Brooklyn\u2019s June pipeline has shrunk to January levels, clocking in at 2.6 million square feet. The delivery of the borough\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/downtown-brooklyns-tallest-tower-opens\/\">tallest office tower in Downtown<\/a> is largely behind the swift drop. Dubbed 1 Willoughby Square, JEMB Realty\u2019s 500,000-square-foot, 36-story high-rise is the first new office structure to be completed within the area since downtown Brooklyn\u2019s 2004 rezoning.<\/p>\n<p>The 400,000-square-foot 141 Willoughby St. property is now the largest office development underway within the borough. Situated a block north of 1 Willoughby Square, the project has been in the works since the end of 2020, with developer Savanna landing a <a href=\"https:\/\/www.commercialsearch.com\/news\/savanna-secures-264m-in-financing-for-brooklyn-project\/\">$264 million construction loan<\/a> back in May.<\/p>\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\/national-office-report-2021-july\/\">here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The borough\u2019s under-construction stock has increased 15 percent year-over-year, according to CommercialEdge. <\/p>\n","protected":false},"author":739,"featured_media":1004545005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,1600,21742,10,21747],"tags":[51047,50674],"class_list":["post-1004544551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-new-york","category-latest","category-northeast","category-office","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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