New York Office Building Developments in decline
A report published by CB Richard Ellis shows that the construction of additional New York workstations has declined since the 1950’s, despite the towering skyscrapers and high-rise office blocks being distinctive features of the city and contributing significantly to the city’s infrastructure.
In 1950, approximately 35 million square feet of new workstations in New York was created. The figure then rocketed to over 60 million during the 1960’s and 1970’s. Between the years 2000- 2010, the number stands at around 20 million square feet of rentable office space.
Overall, between the 50’s and the 90’s an average of 53 million square feet of new office space was constructed per decade. This average has now been brought down to 14 million per decade. It’s also worth noting that as much as 14 million square feet of New York workspace was wiped out in the 9/11 disaster.
The Wall Street Journal suggests that many officials express concerns that workspace in New York will struggle to compete against other global cities due to its current lack of development, and will be outshone by other cities who are continuing to expand.
Despite the construction decline rate, there are new buildings currently under construction in New York which may well bring the average up in years to come. Buildings include the Freedom Tower or One World Trade Center, which on completion will become one of the tallest buildings in New York and the Western Hemisphere.
There is no doubt, however that New York remains one of the largest global cities in terms of economy, so if you are interested in renting New York workstations, call us now on +1 877-208-2911 to discuss your requirements.