Much of the office market may be mired in a downturn, but demand has been strong for high-end space.
New office construction has dropped off sharply, leading to a potential upcoming shortage.
That demand has persisted even as office construction has been stifled by higher interest rates and inflation, which have pushed up costs.
Worries over the health of the office market have also made lenders reluctant to finance new development.
8 million square feet of that is pre-leased, meaning that there is only about 10 million square feet of upcoming available top quality space.
Persons:
—, Hilary Goldfarb, Goldfarb, Crowell, there's, Scott Rechler, Rechler, Vanderbilt, Philippe Visser, CBRE, Visser, Larry Silverstein, Norman Foster, Silverstein, Randolph St, Ross, Stephen Ross, Jordan Rathlev, Rathlev, Jessica Morin, Morin, Banks, RXR, I'm, you'd
Organizations:
Service, Rockefeller Development, Fifth St, RXR, Skidmore, Owings, Merrill, TF Cornerstone, Grand Central, Citadel, Yards, Companies, Oxford Properties, Hudson, Hudson Yards, KKR, Meta, World Trade Center, American Express, Trade, Related's, Central
Locations:
Washington ,, Washington, DC, New York, San Francisco, midtown Manhattan, Manhattan, Wells Fargo, BlackRock, Lower Manhattan, Chicago, Fulton, West Palm Beach , Florida, CBRE