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Spotify subleased 69,000 square feet on the 59th and 60th floors of the 72-story tower to payroll management platform Rippling.
The heart of New York is entering its most significant office construction drought in decades. The next wave of towers may not open until at least the early 2030s.
NEW YORK — The Manhattan office construction boom is over. Just three large office towers — of more than 500,000 square feet — are being built across New York City, with two expected to open in 2024 or 2025 and nothing else projected to go up for years. Normally, a handful of sites that size would be in various stages of construction, with at least one opening every year since 2018, according to JLL, a real estate services firm. Nearly 20 large office buildings that developers have proposed, inc
Manhattan had long been king when it came to office construction. But high vacancy rates have sent the real estate market into uncharted territory.
New office buildings flourished over the past 25 years in Manhattan, but a construction drought has begun.