"There is a coming crisis in these leading CBDs: the changing occupier requirements can no longer be adequately supported by the majority of the current inventory," noted Cushman & Wakefield Managing Director Rick Cleveland in a new report, "Supply Side Risk in the New Age of Work."
Even older buildings that have undergone renovation since their initial construction often are not suited to handle the demands for more productive and flexible work environments and higher employee densities by today's high-end office users...
Large Manhattan landlords are seeing this stinginess for leasing space first-hand. Despite a recent increase in technology and creative tenants, owners have yet to experience a widespread spike in demand due to their lean space needs and penchance for subleasing space, according to Heidi Learner, chief economist for tenant presentation firm Studley.
Companies such as Tumblr, Tremor Video, Yodle and 10gen are occupying space at far higher densities than financial services, law firms and other traditional Midtown tenants, according to Learner, lead author of a Studley report on the Manhattan tech boom... How Will Older Office Buildings Compete in the New Workplace?
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