Contrary to reports of the death of office, demand for certain classes of office space is coming back so strong that New York City developers are struggling to meet the demand.
Melissa Román Burch is New York City Economic Development Corporation’s Chief Operating Officer, and says, “Office is making a comeback. We fundamentally do not have enough class A and A+ office space in New York City, and we have too much class B and C.”
In fact, Burch says New York currently has 2.4 million square feet of office space under construction that will be delivered by 2026—and almost 80% of that space already is spoken for.
“So, what we’re going to see really unlock for New York City in 2025 is continued investment into modernizing office space and delivering new,” explains Burch. “We need to do this because we know that New York City will continue to be powered by a very strong economy, excellent job growth, and a global center for work.”
Other themes:
- How sustainability plays a part in office resurgence
- What class A and A+ buildings will look like in 2025
- How class A and A+ buildings attract different usage patterns
- How office can drive investor interest in underserved areas
Watch the video or listen to the audio episode for answers.
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