Dive Brief:

• Office construction in New York City's Borough of Manhattan is on pace to reach 9 million square feet of new office space between 2013 and the end of 2015.
• The economic effect overall is unclear, however, the New York Building Congress says, because the new space may only create vacancies in buildings that companies leave.
• While Manhattan is expected to see 24.4 million square feet of new space constructed between 2010 and 2019, the city needs 20,000 new office jobs annually to keep the new space from driving up the vacancy rate, the construction trade organization said.

Dive Insight:

More than 67% of the 2013-2015 new space will be in three buildings – two in the World Trade Center complex and one in the Hudson Yards project.