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Sf has some pretty run down neighborhoods too. Tinderlion, anyone? That's actually in downtown. There are no areas like that in Midtown Manhattan or Lower Manhattan that has a bad reputation like Tinderlion.
The projects along the East River can be pretty rundown.
How much of that growth is births? Population growth, especially in a place like NYC doesn't equal new housing most of the time. It's more increased density from higher occupancy per unit etc.
It's an interesting question. Probably a good deal, but the net migration for both Manhattan and Brooklyn should probably be in the several thousands each. It's hard to figure out what its effects would be--natural increase would probably play a huge part, but population growth has been going on in Manhattan and Brooklyn for about three decades now so a lot of those who were born since then have probably emptied out of the nest, and if they stayed, have probably had to find their own places.
That being said, when we're talking about major projects, NYC, just the city without the MSA, likely has more going on. A lot of that is going to be office spaces (the 7 towers of the World Trade Center complex under construction is more square footage than all of what DC has under construction).
No, actually it's realizing that you both are now blowing smoke. DC has more residential development going on than San Fran and it's not close.
hahaha...but that would only be impressive if there were actual demand for these new units in DC, which there really isn't.
Quote:
Everyone in this thread has agreed so what else is there to say?
The media has a lot to say about DC's perilous residential construction 'boom' that is apparently turning into a bust and leaving the region with a huge glut of unoccupied, unrented, unsold units.
so your office market and residential real estate markets are both actually in the crapper right now compared to SF, and you think we want to be in your shoes? LOLOL Why give up Gucci loafers for wal mart flip flops? LOL
hahaha...but that would only be impressive if there were actual demand for these new units in DC, which there really isn't.
The media has a lot to say about DC's perilous residential construction 'boom' that is apparently turning into a bust and leaving the region with a huge glut of unoccupied, unrented, unsold units.
so your office market and residential real estate markets are both actually in the crapper right now compared to SF, and you think we want to be in your shoes? LOLOL Why give up Gucci loafers for wal mart flip flops? LOL
Well, on the plus side, cheaper rents means people can bootstrap a bit better. I opted for a lot more space in a less desirable part of Brooklyn over a tony parts of Manhattan for my business. I'm hoping that Manhattan overbuilt with the massive number of developments they have coming online in the next few years so it stays pretty cheap (by NYC standards at least) when I have to re-sign the lease in a couple years. That was partially the driving force for Silicon Valley's development, though that's gone by the wayside there, too.
The problem with NYC is that even with the major construction projects, it doesn't keep up with the massive influx of people coming in. Every day I smack my head for not just buying my own offices a decade ago because that was stupid cheap compared to today. I really don't want to pay more than $20 per square foot per month, but those days seem numbered.
Last edited by OyCrumbler; 11-04-2013 at 02:16 AM..
hahaha...but that would only be impressive if there were actual demand for these new units in DC, which there really isn't.
The media has a lot to say about DC's perilous residential construction 'boom' that is apparently turning into a bust and leaving the region with a huge glut of unoccupied, unrented, unsold units.
so your office market and residential real estate markets are both actually in the crapper right now compared to SF, and you think we want to be in your shoes? LOLOL Why give up Gucci loafers for wal mart flip flops? LOL
LOL.......
First of all....you may want to look at which market they are talking about. The submarkets are not DC proper. Those units I posted are all in the city center and are still renting out at record rates. D.C. has had some 400+ unit buildings rent out in less than a year. If you know anything about leasing, that is astonishing. You aren't in the construction industry so you don't know what you are talking about. Why do you think developers continue to break ground on new buildings even with so many units coming online? D.C. offers exceptionally high rents which is still profitable for developers thus, they continue to build here. Developers aren't going hungry because they have to drop their studio apartment prices from $2,500 down to $2,450! LOL....amateur....
As for our office market, if we didn't build another office building till year 2150, we would still be fine. Companies along with the federal government are shrinking their office needs. That is the best thing that could possible happen in D.C. proper period. We have so much office space and it's beginning to be converted into residential space right now. That is so long overdue. As you have pointed out, we have way too much office space (142 Million sq. feet) in a city that is 61 square feet with height limits to boot. We have the largest area of large buildings forming our unofficial downtown in the nation. Buildings go for miles here in D.C. north to south and east to west which doesn't exist anywhere. NYC, Chicago, San Fran etc. etc. etc. run linear. We are the only city that is built out for miles in all directions. D.C. has enormous potential for mixed use in it's downtown core and when it reaches office to residential equilibrium downtown, it will push D.C. into a league ahead of San Fran which is still for the most part dominated by a tiny downtown in area squared with most of it being those single family homes.
Take a minute and imagine what D.C.'s downtown is going to be like with a 1:1 residential to office mix. Yeah, be careful what you wish for sir. You can't compete with that. D.C.'s downtown is 4 times the size of San Fran. The Official boundaries you see posted when they measure downtown only includes 1/3 of those large buildings you see in pictures. The downtown area's of Capital Riverfront, SW Waterfront, Golden Triangle, NOMA, and Foggy Bottom are not included even though they too are all high-rises. This game is about to be over my friend.
And, developers worldwide are still breaking ground here going into 2014 because there is money to be made. The alarm is going on deaf ears because it's over hyped. I guess my industry knows something you don't....
LOL.......
We have the largest area of large buildings forming our unofficial downtown in the nation. Buildings go for miles here in D.C. north to south and east to west which doesn't exist anywhere. NYC, Chicago, San Fran etc. etc. etc. run linear. We are the only city that is built out for miles in all directions. D.C. has enormous potential for mixed use in it's downtown core and when it reaches office to residential equilibrium downtown, it will push D.C. into a league ahead of San Fran which is still for the most part dominated by a tiny downtown in area squared with most of it being those single family homes.
Since Manhattan is 33 sq miles and has 353 million square feet of office space, I'd hardly call D.C. the largest.
I would also consider Chicago, San Francisco, Philadelphia and Boston as bigger Downtown's than D.C.
Yes, much of DC feels suburban and country compared to SF while most of NYC feels thirdworldish compared to SF.
I think that's a pretty tidy summation.
Okay, I'd hardly call anywhere in DC country... that's taking it a little far. Also, NYC third world? HAHA. SF wishes it could be NYC.
Every city has suburban areas... even NYC and San Francisco... let's not act like this is a model for urbanity: http://goo.gl/maps/tu9QD
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