New Product, Densification Main Issues for Manhattan CRE Market
By“The office market for 2017 continues to look promising…and we think we’re going to finish strong. Challenges and what remains to be seen is what happens in the coming years as additional inventory comes to the market and there’s continued densification in the market,” noted John Santora, Cushman & Wakefield’s vice chairman & president of the Tri-State Region, at the firm’s mid-year 2017 outlook on the region’s commercial real estate industry.
For Manhattan in particular, mid-year new leasing activity hit 15.4 million square feet, representing a 13 percent increase year-over-year and signaling that the city’s office market continues to grow. The development of Hudson Yards has certainly helped the market, contributing 1.1 million square feet of the total newly leased space…
New Product, Densification Main Issues for Manhattan CRE Market
