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New York’s lack of high quality office space will lead to more construction in the coming years, the executive vice president of property giant CB Richard Ellis has predicted.
John Maher said that even though there is a plethora of office space on the market not enough of it is truly quality.
Those in the law, financial and entertainment spheres will be demanding more high quality office space, of which there is not enough, he stated.
Currently there is only 1.1 million square feet of office space available that is on floors 25 or higher in New York. This dearth is causing higher rents in those high end office spaces that do exist Maher said.
“That ultimately has to drive new construction,” he added.
“For anybody that is worried about a large volume of construction being filled, we are not. We think New York City needs it, and that would be ultimately good news for the city to capture job growth.”
Deals on high end office space can influence the market all out of proportion to their size, CBRE Executive Vice President Paul Myers said.
He stated: “It’s fascinating how these deals drive psychology,” said EVP Paul Myers. “People want to know about the deals at the top end of the range, even though they often represent a small proportion of the deals in New York City.”
In the first quarter of this year rents in midtown climbed by about USD 2 per square foot up to USD58.14. In midtown south approximately 550,000 square feet of office space was leased, which resulted in 160,000 square feet of positive absorption. The average rents for this are climbed by 15 cents to USD 42.72 per square foot.