Pursuits
Manhattan Builders Plan Biggest Decade for Towers Since ’80s
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Manhattan developers are planning the city’s biggest decade of office construction since the 1980s, betting on rising demand for modern space even with tenants unsigned and the availability of financing more limited.
More than 25 million square feet (2.3 million square meters) of projects are under construction or may be built in the next nine years, according to brokerage Cassidy Turley. Developers including Related Cos. and real estate investment trusts Boston Properties Inc. and Vornado Realty Trust are in talks with potential tenants as they step up plans for towers. Some, including Vornado, may proceed without lease agreements.