{"id":1004574956,"date":"2022-04-11T10:02:13","date_gmt":"2022-04-11T18:02:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004574956"},"modified":"2022-12-08T03:02:46","modified_gmt":"2022-12-08T11:02:46","slug":"manhattans-office-pipeline-expected-to-shrink","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattans-office-pipeline-expected-to-shrink\/","title":{"rendered":"Manhattan\u2019s Office Pipeline Expected to Shrink"},"content":{"rendered":"

\"\"<\/a>As of February, Manhattan\u2019s construction pipeline saw 19.2 million square feet of office space in the making, roughly 54,000 square feet more than the previous month, according to CommercialEdge<\/strong> data. The pipeline amounted to 4 percent of total stock.<\/p>\n

Across the U.S., 146.6 million square feet of office space was underway, representing 2.2 percent of total stock. Even though the borough\u2019s under-construction stock has also expanded by more than 300,000 square feet year-over-year through February, predictions anticipate a significant decrease of the pipeline once older projects conclude. Since the beginning of 2021, only 2.1 million square feet of office space has broken ground, compared to 3.2 million square feet in 2019 and 5.7 million square feet in 2020.<\/p>\n

Among gateway markets, Boston is the city with the second-largest development pipeline, only trailing Manhattan. In terms of relative stock, Miami leads all gateway markets, with 7.8 percent of total stock under construction, followed by Boston (4.9 percent) and Manhattan. Washington, D.C. (1.1 percent), Chicago (1.4 percent) and Los Angeles (1.5 percent) are at the other end of the spectrum, bearing the lowest rates.<\/p>\n

New office space in Manhattan<\/h2>\n

The largest office project in Manhattan remains the 58-story, 2.9 million-square-square 50 Hudson Yards<\/strong> tower, which topped out in February 2021<\/a>. The project, set to become the fourth-largest office building in New York City, is nearing completion. Mitsui Fudosan <\/strong>owns a 90 percent stake in the Foster + Partners<\/strong>-designed structure, which will offer a direct subway connection. BlackRock<\/strong> and Meta<\/strong> are among the high-profile tenants that committed to the project.<\/p>\n

Since January, The Moinian Group<\/strong>\u2019s spec development dubbed Hudson Arts Building is the only large-scale commercial project to have broken ground in Manhattan. Designed by Studios Architecture<\/strong>, the 10-story building in Chelsea was scheduled for groundbreaking before the pandemic, but the health crisis stalled its construction.<\/p>\n

CommercialEdge<\/a>\u00a0covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report\u00a0here<\/a>.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Mitsui Fudosan\u2019s 50 Hudson Yards ranks as the borough\u2019s largest office project. <\/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-1004574956","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":"\nManhattan Office Market Development Update<\/title>\n<meta name=\"description\" content=\"Manhattan's under construction stock has been rising since January, with 50 Hudson Yards still the largest office project in the making.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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