Traditional companies that in the past would have chosen office spaces in central Midtown are now committing to new and renovated spaces on Manhattan’s Far West Side.
Most recently, EY (the business services firm formerly know as Ernst and Young) and Pfizer announced their future plans to move to 1 Manhattan West and The Spiral, respectively.
Of the westward relocations, 44% relocate from the Plaza District alone, and 92% of the relocations will be from the broader Midtown area.
About a third of the companies drawn west are technology, advertising, media and information businesses. The other two-thirds include a broad range of firms, from finance to law firms to apparel.
On the retail front, Neiman Marcus which originally planned a 250,000SF mega store, recently announced the downsizing of the original plans by 10,000 - 70,000SF.
Hudson Yards is the largest private real estate development in the history of the United States and the largest development in New York City since Rockefeller Center. The $20 Billion development site will include more than 18 million square feet of commercial and residential space, state-of-the-art office towers, over 100 shops including New York’s first Neiman Marcus, and restaurants curated by Chef Thomas Keller. The urban development will include approximately 4,000 residences, The shed, a new center for artistic invention, 14 acres of public open space, a 750-seat public school and an Equinox® branded luxury hotel with more than 200 rooms—all offering unparalleled amenities for residents, employees and guests. The development of Hudson Yards will create more than 23,000 jobs.