Due to an obvious confluence of interest rates, office vacancy records, and construction costs, the Times says Manhattan is “entering its most significant office construction drought since after the savings and loan crisis in the late 1980s and early ’90s.” Recent superlatives like BIG’s 66-story The Spiral and the Foster + Partners-led 270 Park Avenue replacement may stand as the last major realized office designs before the early 2030s. Another three proposals totaling over 3 million square feet are stuck in the approvals pipeline as of right now. 

The stasis has notably led to the cancellation of the much-maligned ten-block Penn Station revitalization plan, among other significant stall-outs. A “flight” to high-quality modernized office spaces of the kind featured in 425 Park Avenue and One Vanderbilt could spark a turnaround if not for their asking price. As the report stated, some industry experts believe $200 or $300 per square foot rents might be a reality for similar buildings in the near future.