23 Aug '13, 1am

Big, Bright, & Green: A Closer Look at the Future of Midtown West: Hudson Yards, Manhattan West, and associate...

The panel acknowledged that it will be a challenge to attract tenants to the 28 million square feet of office space slated for Hudson Yards and Manhattan West. Yet many of the panelists – particularly Mr. Mirante – were optimistic, citing New York City’s aging office stock and enduring appeal to global companies. For example, twenty-six major banks are headquartered in New York City, yet only two own their own office towers (Bank of America and Goldman Sachs). There is also extraordinarily low vacancy rate (3 percent) in right now in Midtown yet (as of late June) 68 tenants were actively looking for 100,000 square feet of office space or more; 27 were looking for 200,000 square feet or more; and 10 were on the market for at least 500,000 square feet. So there is opportunity to attract those types of tenants for new construction developers – like Related and Brookfield – wh...

Full article: http://www.greenbuildingsnyc.com/2013/08/22/big-bright-gr...

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greentechmedia.com 23 Aug '13, 1pm

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