Originally Posted by Silverfox
I think the longer they wait for this one the harder it will be to get tenants. If they build the tower sooner rather than later, companies may find a physical, existent tower more attractive than buildings that are in proposal stages.
That's just the thing. There will be no existent buildings in this class because office towers aren't built on spec in New York. There must be a tenant before any of these towers are built. That towers 1 and 4 got built had a lot to do with the site and insurance proceeds, of which Silverstein has no more. Were this a new complex being built, you wouldn't have seen any of these towers built before a tenant was found. As far as leasing space, it will take longer to fill the WTC space Downtown than it will take to fill the same amount of space in Midtown. For one thing, that's because Downtown is much smaller, and it takes longer to absorb the space. For another, the majority of companies will be looking to Midtown for space. As I've said before, look at the last time this much space was built Downtown, and you would have to go all the way back to the late 60's, early 70's, when the original complex was built. And even then it took a couple of decades for Downtown to absorb the space.
The advantange here is that a year or two is shaved off the construction time because the is no need for site prep, and the base will be already built.