New York Restorations in NYC Happening *Too* Fast?

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A recent article from Business Week says that of New York City’s current 87 million square feet of office space, 12.7 percent – over 11 million square feet – is vacant. That’s nearly two-hundred football fields’ worth of office space going unused in Manhattan.

york restoration

Seven World Trade is currently the only completed building in the WTC rebuild and restoration

So is it possible, given the current economic climate, that the restoration and rebuild of the WTC is actually happening too quickly?

Of course, this is ignoring the emotional and city pride aspects that are, in reality, nearly impossible to disconnect from the financial side of the venture. That said, are landlords and real estate prospectors dreading the impending addition of – at the very least – another 4.4 million square feet of office space coming onto a cold market?

Still, the total amount of planned office space in the new World Trade Plaza won’t come close to the total destroyed in the September 11 attacks. Over 13 million square feet was destroyed that day, compared to the 1.7 million currently available in 7 World Trade, and the 4.4 million upcoming in the two exciting new towers.

The developer of the Trade Center project, Larry Silverstein, promised also to build another tower if enough interest (and money, and tenants) spurs the development.

It stands to reason that empty space in Manhattan will, eventually, be filled. It’s New York, for goodness sakes. But the immediate situation might make for some wide open spaces inside the mountains of commercial skyscrapers around our fair city.

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