Manhattan’s Office Market in the Midst of Exciting Growth

February speaker Tony O’Sullivan, Managing Director of Valuation and Advisory Services for Collier International’s NYC office, gave a packed room of members and guests the lowdown on the current and pending state of affairs within Manhattan’s office market. Tony set the stage with an overview of the steady 7-year growth pattern of Class A and B office spaces, which leveled off in 2017. However, a new spike of growth is expected to occur as new properties currently under development make their debuts over the next five years. Tony spotlighted several exciting projects underway in three submarkets of the City. Highlights included the 67-story office building at One Vanderbilt next to Grand Central Station in Midtown; several multi-million projects in Hudson Yards as well as the new Super Pier 57 pre-leased by Google in Midtown South; and the 80-story 3 WTC tower that’s scheduled to open in June in the Downtown submarket.

Prior to this presentation, the members and guests of the NYC Mastermind Group covered a lot of ground, with discussions of the new Yellowstone Imperative to protect tenants, the NYC Environmental Act, air rights, luxury residential, and the changing office market.