While location is what makes these streets so desirable, competition for space from technology companies is what's driving up rents.
More than 5 million square feet of office space will be completed in 2018, about as much as in the past three years combined.
WeWork is eager to expand beyond month-to-month desk rentals.
Zug, Switzerland-based IWG owns office space and competes with New York-based WeWork Cos.
NREI spoke with several industry insiders to get a sense of where the sector is heading in 2018.
All tier one co-working operators are in expansion mode and have completed or are in the process of doing funding rounds.
The year’s biggest lease was BlackRock Inc.’s agreement to take 847,000 square feet at 50 Hudson Yards, a tower under construction on the far west side.
Rising interest rates are to blame for an anticipated decrease in acquisitions by office REITs in 2018.
While there has been some major buzz in favor of suburbia, the truth is that the growth may not last.