New office developments in Downtown Manhattan are spreading outside the World Trade Center
The World Trade Center complex has headlined Downtown office development projects, representing 80.0% of the new inventory delivered in that market in the past 15 years.
March 02, 2020
- However, new projects are now sprouting up elsewhere: six projects are currently under construction with expected completion through 2021 totaling 1.8m s.f.
- Downtown properties built since 2006 command asking rents of $83.55 p.s.f. on average, a discount of 41.4% and 37.5% compared with the properties delivered in the same timeframe in Midtown and Midtown South, respectively.
- This attractive value proposition and the diminishing new construction availabilities at the World Trade Center and elsewhere in Manhattan indicate that these new projects—ground-up developments and repositioned properties alike—are favorably positioned to attract high-profile tenant commitments.
Source: JLL Research