The Manhattan office construction boom is over.

Just three large office towers — of more than 500,000 square feet — are being built across New York City, with two expected to open in 2024 or 2025 and nothing else projected to go up for years. Normally, a handful of sites that size would be in various stages of construction, with at least one opening every year since 2018, according to JLL, a real estate services firm.

Nearly 20 large office buildings that developers have proposed, including the final tower near ground zero, have yet to break ground. Many are on indefinite hold as developers face numerous challenges.

Rising construction costs and interest rates have significantly driven up the price to build. Banks are increasingly reluctant to finance such construction while Manhattan has record office vacancies. And there are few large tenants, which lenders require to be lined up before a new office can be built, actively looking to move.

As a result, Manhattan is entering its most significant office construction drought since after the savings and loan crisis in the late 1980s and early ’90s. Developers now concede that the next wave of large office towers may not open until the early 2030s, if not later.