Posted Nov 11, 2016, 2:58 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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https://www.bisnow.com/new-york/news...ethestic-67545
WHY HUDSON YARDS IS MAKING 93% OF NYC'S OFFICE MARKET SEEM OBSOLETE
Nov 10, 2016
Benjamin Mazzara
Quote:
London and Hong Kong have added over 20% of new office supply since 2000. In the same time frame, New York has only added 7%. That small fraction is head and shoulders above the other 93% of office buildings in the city, and it's changed the game in attracting tenants.
Recalling his experience with Hudson Yards, Related Cos VP Stephen Winter says new construction’s appeal doesn’t just lie in lower cost receipts. When Hudson Yards started leasing, Related pitched tenants on how efficient the buildings would be and their lower cost-to-employee ratio. “Those numbers impress the CFOs, but don’t get over the hump with CEOs,” he told the crowd of around 200. Instead, Related started pitching amenities and technology only new construction offers, which has the power to attract and retain talent, which resonates more with top brass and helped Related get ahead of the curve. Now, he says, the firm’s no longer focused on just filling up the space, but getting the highest rents it can.
Silverstein Properties chairman Larry Silverstein says the quality of the World Trade Center makes him confident he can land an anchor tenant for 2 World Trade Center after negotiations with Rupert Murdoch fell through. He said there's a deal in the works on a replacement anchor, but couldn't offer more specifics.
.....The biggest attractive element these new offices have is their flexible, open floor plans, which give the younger workforce—of startups and mature companies—more options of where and how to work and the potential to keep innovating, expanding and densifying.
.....While companies and younger workers love flexibility and connectivity, they’re also looking for something authentic and iconic, Woods Bagot global head of workplace Sarah Kay says. Developers either need to provide a distinct architectural experience like Hudson Yards, or tap into a neighborhood's aesthetic, as Toby has done with 25 Kent Ave’s brick and masonry.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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