Nearly 6.45M-SF of New Office Space to Come Online This Year in Manhattan

According to an analysis from Moody’s Analytics, Manhattan’s office market is expected to see the addition of 11.47 million square feet of new, non-owner-occupied office space through 2024. A total of nearly 6.45 million square feet is expected to come online in 2022, followed by 2.27 million and 2.55 million in 2023 and 2024 respectively. Although Manhattan has confronted a similar situation in the past, the new trends fueled by the pandemic “have upended the old build-it-and-they-will-come model of office construction.” On a positive note, leasing activity rose nearly 26% annually in January; and while most major companies have pushed back their full return-to-office dates, all are planning to come back in some form.