Mary Ann Tighe 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.

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