New York To Run Out Of Class B, C Office Space By 2018

Law360, New York (January 3, 2014, 6:37 PM EST) -- The supply of Class B and C office space in New York City will likely be inadequate to meet demand by 2018, as cheaper and less modern buildings continue to be repurposed into residential and hospitality properties, according to a report released in December by the NYC Economic Development Corp.

Class A space makes up 53 percent of New York's office market, while Class B and C properties have 30 and 16 percent of the market share, respectively, concentrated mostly in Manhattan.

But even that modest...
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