New office construction in Manhattan’s central business district will reach 2.1million sq ft in six buildings by year-end, up from 1.8 million sq ft in seven buildings this time last year, according to a recent New York Building Congress report about ongoing and planned projects in Manhattan.
However, new office space is expected to slide next year to 1.7-million sq ft in six buildings, says the study, which was published July 11. NYBC says the drop stems from the fact that some of the large office projects including 1 and 4 WTC and the International Gem Tower will be on their way to completion next year, and so the square footage of those that are under construction will be lower in 2013. NYBC adds that there are few planned work projects to replace them in 2013.