Major office Trend affecting the New York Office Market
Amount of space per employee continues to decline. 20-30 Years ago average density was 200-300 Rentable Square feet per person. 10-20 years ago size declined to 150-250 RSF per person. 5 Years size declined to 100-200 RSF. per person … and the trend continues
Destruction and conversion of existing office stock to residential and hotels. !4 Million square feet of office space was removed from the Manhattan office market to alternate uses.
Limited new construction at affordable price points.