Research Paper

1.) What is available in the form of construction / renovation?

a.) The years 2006 through 2008 will see unprecedented construction levels resulting in the strongest activity levels seen over the past six to eight years, and significantly exceeding record construction activity achieved in 2005. Most notably, residential construction is expected to remain strong throughout the period while the previously flagging office construction sector continues its remarkable turnaround. Much depends on the full funding of public capital plans which represent a significant portion of the forecast. After a banner year in 2005, during which $18.8 billion was spent on construction in New York City, spending is expected to reach $20.8 billion in 2006 and exceed $21 billion in 2007 and 2008, if all planned spending occurs. Significant office construction representing 10 million square feet of new floor space is expected to push annual non-residential construction to over $4 billion. Major office buildings under construction, such as the Bank of America tower and Goldman Sachs, account for about 75% of the City's total office development. Citywide, 11 office buildings will be in construction in 2006 (up from eight in 2005). Looking ahead, seven office buildings are forecast for 2007 and five in 2008. The completion of 7 World Trade Center and progress with other towers proposed for the site is a favorable indication that this forecast will be achieved.

Commercial office renovations and fit-out work will take place in an estimated 17 - 20 million square feet of space in Manhattan.