Tighe: “In today's tech-transformed business environment, infrastructure needs and cultural imperatives are feeding the appetite for new or 'like new' buildings.”
NEW YORK CITY—Despite an influx of new office stock, the city is far from oversaturated, said CBRE Group's Mary Ann Tighe, CEO, tri-state region, during a panel discussion in Lower Manhattan late last week. The talk—part of the real estate services firm's quarterly media briefing on leasing activity around Manhattan and Brooklyn—focused on the “flight to new construction” among tenants.
“The rumors of New York City having an oversupply of new office space are wrong,” she said. “In today's tech-transformed business environment, infrastructure needs and cultural imperatives are feeding the appetite for new or 'like new' buildings.”
This points to developments such as Hudson Yards, the World Trade Center complex, One Vanderbilt and Cornell Tech—each with distinctive characteristics that speak to the evolving needs of occupiers.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
