[NYguy]

https://www.costar.com/article/1236055013/new-yorks-hudson-yards-is-fully-occupied-related-ceo-says

Offices at New York’s Hudson Yards, biggest project of its kind, declared fully occupied


By Andria Cheng
May 7, 2026

Hudson Yards — the largest private real estate development in U.S. history and home to a roster of blue‑chip tenants — has fully filled its offices as the high-profile project and the city's market have overcome the major blow delivered by the pandemic.

New York’s market for offices is now sitting at an “all‑time peak,” according to Related Cos. CEO Jeff Blau, as the company said its workspaces are completely occupied.

“When we started marketing Hudson Yards 15 years ago, all I would hear from CEOs is, ‘Where is Hudson Yards?’ and ‘Why would I ever move my company there?’” Blau said this week at The Real Deal's NYC Real Estate Forum.

He added that “we've really turned Hudson Yards into the center of business and commerce for New York City. Today, anybody that's looking at leasing space at scale at least shows up ... and sees what we have right now. We don't have any space. We're 100% occupied.”

Hudson Yards — along with Brookfield Properties’ Manhattan West and Vornado Realty Trust’s Penn District around Penn Station to the east — stands out as one of Manhattan’s in‑demand trophy office clusters, attracting well‑capitalized tenants willing to pay record rents amid the broader flight‑to‑quality trend. New York has outperformed other major U.S. cities in office recovery since the pandemic.

“New York is extremely resilient,” Blau said. “The office market is at an all-time peak. Companies want to be here. … The main reason they're here is that people want to be here. ... As difficult and as expensive as it is here, this is where talent lies, and companies will continue to come here as long as we create an environment that attracts talent.”

In Manhattan, Related remains an active office developer. The firm is building 70 Hudson Yards, where Deloitte will relocate its North American headquarters. The tower is about 60 percent leased, a Related spokesperson told CoStar News. Related is also developing 625 Madison Ave. on Manhattan’s east side — the site of its former headquarters — after acquiring the property from SL Green Realty Trust.

“We’re very active developers of brand‑new trophy office buildings,” Blau said. “We call them Class Double A office buildings.”

Related also plans to build an office tower west of the existing Hudson Yards campus as part of the project’s second phase, which includes housing and a large public park. The plan moved forward after the developer last year abandoned its bid for a downstate casino license. The City Council later approved a $2 billion financing plan to construct a platform over an active rail storage yard that must be built before development can proceed.