Manhattan’s regional transit hubs are positioned to grow in importance
Over the past decade, prime working-age talent – individuals aged between 25-44 – predominately migrated to emerging outer boroughs (+5.56% increase in population) and Manhattan (+2.39%).
February 04, 2020
- In the same timeframe, suburban areas experienced limited or decreasing population growth from this demographic subset.
- However, ESRI is projecting that suburban areas could experience approximately double the population growth rates compared with New York City. This can be explained by the city’s rising costs of living and its ease of accessibility via public transit.
- As a result, office tenants could place a greater premium on the properties that offer readily access to the Grand Central Terminal, Penn Station and World Trade Center regional transit hubs.
Source: JLL Research, US Census, ESRI