New AI office leases stoking hot Manhattan market – Business News
AI would possibly in the future wreak havoc on industrial real estate, as some worry. But at the least proper now, it’s solely including fire to the superheated Manhattan market.
The worry is that AI will result in massive worker layoffs, which of course would imply firms would need much less office space — a real estate “apocalypse.”
Harvey AI doubled its space at One Madison Avenue in March. Christopher Sadowski
But when Harvey AI, an AI supplier to law and different skilled companies, doubled its space at One Madison in March, SL Green Green chairman/CEO Marc Holliday referred to as such ongoing expansions “the ultimate response to the false narrative that AI is shrinking the workforce in New York City.”
Last week’s information substantiated his optimism. In a dramatic show of AI’s growing real estate clout, Durst and the Port Authority introduced that legal and compliance company Norm AI took most of the highest flooring of 1 World Trade Center, bringing the tower to 97% leased.
Meanwhile, much-in-the-news, San Francisco-based Anthropic — creator of controversial chatbot Claude — is close to a deal to lease AEW Capital Management’s whole, 365,000 square-foot 330 Hudson St., the Commercial Observer reported. Anthropic at the moment has a mere 15,500 sq. toes within the metropolis.
Sure doesn’t sound like an apocalypse, does it?
