A new massive commercial real estate redevelopment, Hudson Yards, which will sit on the West Side of Manhattan, alongside the Hudson River, is set to boost New York’s executive office space.
Due to be completed in 2018, the redevelopment will make a massive difference to the area, offering not only office space but shops, restaurants, residential property, a luxury hotel with a ballroom and spa, and a multipurpose venue, in which they hope to host the New York Fashion Week.
It will sit over the railway station, offering quick access to commuters and the no. 7 subway line will be extended to accommodate the 65,000 visitors they hope will pass through the area daily. One of the structures, 30 Hudson Yards, will be New York City’s fourth tallest building with an open-viewing platform.
The office space in Hudson Yards boasts L’Oreal, SAP, HBO and WB amongst their future tenants – setting a precedent for the level of prestigious companies they may be a host to.
This is a massive redevelopment for Manhattan, an island already utilizing any spare space they can find, because the area is so sought after for residential or office space. Hudson Yards will offer large companies the opportunity to take a more appropriate amount of space, with around 29m square foot planned to be developed there, whilst keeping their prestigious address. And by them moving out, office space will be created for start-ups or growing businesses to move into Manhattan.
As the office space market grows stronger in New York, and with the completion of projects such as One World Trade Centre, it’s great to see that the American city is gaining confidence once more.