Annual Report 2008

Office Sector

The decade began with an economic downturn followed by the tragic events of 9/11, which slowed office construction dramatically. Yet no sector has been stronger or more innovative in recent years - and the best is yet to come. Office construction is surging, having more than doubled between 2005 and 2007, and even greater levels of construction are projected over the next two years.

Just as importantly, New York City has reclaimed its mantle as the city of choice for the world's best architects and builders. Modern marvels such as the Hearst Tower and 7 World Trade Center have been followed by impressive headquarters for Bank of America, Goldman Sachs and The New York Times Company. Four WTC towers will be under construction in 2008 followed by even more world-class development planned for the far West Side and throughout the rest of the City in the coming years.