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New York City’s economic competitiveness in the 21st century requires not only the right kind of human capital, but also the correlative commercial infrastructure. NYCEDC engaged Alvarez & Marsal and JRT Realty Group to study the New York City commercial office market in connection with the changing profile of the city’s economy. In particular, the study considered how the new generation of high-growth industries could impact the New York City office market through 2025, and whether the city’s existing and future supply of office space is likely to meet projected demand.
This study is intended to advance the public understanding of the importance of a commercial office space stock that is affordable and attractive to the firms that will drive future job growth; and the current, and projected future, state of the New York City commercial office infrastructure.