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Old Posted Sep 21, 2008, 10:16 PM
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Quote:
Originally Posted by Snowden352 View Post
So are there any serious concerns about the recent events affecting the construction of this project and others like it (WTC excluding; I'm assuming a lot of political power is going to push that construction through no matter what.)?
The are concerns about construction going forward in the city overall, but that's to be expected with recent events. keep in mind that financial tenants aren't the only commercial tenants that need space in the city. These towers wouldn't even be ready for about 5 years - at the earliest. So it could take a little longer. But the fact is, there is relatively little new office construction in Midtown. And one thing that is certain in New York, is that there is always a need for new, modern office space. Five years from now, the situation will only be worse. It's why developments like the WTC and Hudson Yards (railyards) have to get built.

The WTC is the exception where everything gets built at once (they're basically replacing office space that was there before). But everything else will be a more orderly progression. Look at the Times Square redevelopment for example, which saw a start over a decade ago with buildings like the Conde Naste, followed by many others like the Times Square Tower, Reuters, Ernst & Young, NY Times, and now 11 Times Sq. The city will continue to go through cycles where the demand for new space is more or less. But when you're talking skyscrapers that take years to develop and build, you don't just look at what's happening in today's world.
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