Quote:
Originally Posted by NYguy
with it's millions and millions square feet of aging office space.
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And that is very true. Many of those boxes along the East River, the row of 300-500' boxes on Water Street, and so on were built to meet expectations that have long been revitalized. If I'm correct I believe even some of those mid-rise buildings on Water Street have been converted into residentials because they simply cannot serve a practical purpose in regards to office space. The point is what is not in demand today will without question be tomorrows demand. And that tomorrow is not that far away depending on how fast the commercial office market comes back around.
Not to mention buildings such as 70 Pine, 40 Wall, 20 Exchange, & 1 Wall, all of which IMO only have a handful of decades left before a residential conversion will likely be the fate. New space is indeed needed and the new GS building is prime example. When you compare their current HQ to their new one you can clearly see what I mean. New more practical space is an essential, which towers 2, 3, and 5 will have to provide for Downtown.