Manhattan is entering its most significant office construction drought since after the savings and loan crisis in the late 1980s and early '90s. Developers now concede that the next wave of large office towers may not open until the early 2030s, if not later.


At the end of November, the average asking rent for Manhattan office spaces was $75 per square foot. With the higher interest rates and increased construction costs, developers would need to charge $200 to $300 per square foot for a future office high-rise to make financial sense, they said.

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