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As companies move into the new space, the empty space will likely go down in price, making it more attractive to businesses who want a NYC office. In short someone will fill the space. Keep in mind NYC has a big startup scene.
I really doubt that high unemployment is caused by the lack of office space.
That is one thing I am interested in seeing from Trump. When you go into these big name centers in Manhattan you find that a) the IT department is in India, and b) the part of the IT department that isn't in India is mostly/all H1-B Indians living in JC. What I would hope to see is less of a) and b) and more US folks in those jobs, but the reality is that the US folks cost too much so I'm wondering if we won't see less of b) and even more of a). It will be interesting fo shure.
I think it's the other way around. The availability of the office space becomes a catalyst for creating jobs, especially if there's a shortage of office space.)
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Originally Posted by Kefir King
Lots of H1-B visa jobs.
I really doubt that high unemployment is caused by the lack of office space.
I think it's the other way around. The availability of the office space becomes a catalyst for creating jobs, especially if there's a shortage of office space.)
I have yet to see blocks of empty office buildings spurring on an economic recovery. Quite the opposite in fact.
We saw the building of the last WTC buildings into a lackluster economy. The buildings were moribund until Port Authority and New York State and City rented out immense portions and used taxes to pay the rent, aka a huge subsidy.
Many of the biggest firms moving into these mega developments are relocating from other city locations. To the degree their businesses expand they'll add workers. But that still leaves their old space empty. And no one knows who if anyone will fill that space. So net net, new employment overall will depend mostly on general business conditions rather than just the presence of new space. Plenty of examples of office buildings, like the old WTC or the Empire State that stood half empty for a long time.
I work in 4WTC and it is at full occupancy. The lower floors are retail such as Eataly and other maintenance staff, the middle is mostly government workers from PANYNJ and NYC DSS, and the upper floors is Spotify. 1 WTC has Conde Nast as the anchor tenant, but I don't know much about others. I don't think it is fully leased yet. 7WTC is at full occupancy as well with Moody's and other financial services firms, with a hedge fund(?) occupying the upper floor.
Thing is there is no demand, not for office space, not even for MONEY. Hence, we are still in a recession.
I don't think that's the case. There's maybe not booming demand, but there is job growth. Building more can potentially help that as a greater supply of office space can mean lower rental prices so that the rent portion of a businesses overhead can be reduced and the money can be spent on more productive things to expand businesses.
It'll be like Silicon Valley, where people get paid over $150k but live like they're on the low end of middle class stuck in a small apt in NYC.
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