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Started By
Message
re: New York commercial real estate office space may contract by 1 million sq ft.
Posted on 12/18/20 at 3:37 pm to PrimetimeDaBoss
Posted on 12/18/20 at 3:37 pm to PrimetimeDaBoss
quote:
That’s what those liberals get.
They deserve it. This is the only the tip of the iceberg. Trouble is, they are going to be sure to take us down with them.
0
Posted on 12/18/20 at 3:42 pm to Paul Allen
quote:
Wasn’t that long ago where people on this site were equally bashing Republican and Democrat leaders. Since the election it’s back to let’s pick a side and criticize the other.
If you are talking about back in March then you may be able to make that case. No one had a clue what this virus was (thanks China). You could at least make the case that a short term shutdown was needed. Now that we are nearly day 300 of 15 days to slow the spread, only democrats are advocating hard shutdowns even though they dont work. Show me a republican led city or state that is advocating what NYC is.
Posted on 12/18/20 at 3:42 pm to BlackAdam
quote:
Every private industry quickly realized they could cut out a large expense, and moved to do it
Unfortunately, the taxpayers will likely be stuck footing the note to bail out NYC because of the POTUS coming into office. No headline like this
Of course, I bet they'll push a ton of "fair housing" into the commercial space. Thereby devaluing and failing to capitalize on some of the most, if not the most, expensive real estate in the country.
Could 42nd Street look like this again in a few decades?
Posted on 12/18/20 at 3:45 pm to MrLSU
The last time that I remember New York commercial real estate office space shrinking by that much in a short time was..... 
Posted on 12/18/20 at 3:47 pm to DavidTheGnome
You do realize that a million square feet of space in new york is nothing right? yes, there is an issue, but that is a drop in the bucket comparatively speaking.
Posted on 12/18/20 at 3:48 pm to MrLSU
quote:
Nearly 14 percent of office space in Midtown Manhattan is vacant, the highest rate since 2009
This hasn't mattered for several years allegedly. The cap rates are so low that it's more profitable to run at a small loss with no tenants with low OPEX than it is to operate at capacity.
Posted on 12/18/20 at 3:49 pm to teke184
quote:are you sure it's fricking things up??? some of this would be happening without COVID
How bad do you have to frick things up to take NYC from a shortage of office space post-9/11 to having an unprecedented glut of it despite the towers never being rebuilt?
Posted on 12/18/20 at 3:49 pm to BottomlandBrew
quote:
covid hasn't seemed to slow down new office construction here - yet.
quote:Do you think that the otherwise lower cost of living/operating (in comparison to a place like NYC) could have them continue to invest in their office spaces?
Nashville
This post was edited on 12/18/20 at 3:51 pm
Posted on 12/18/20 at 3:52 pm to MrLSU
For scale, each of the old WTC towers had 1.9 million ft^2.
The entire old WTC complex of seven buildings was over 13 million sq. ft.
The entire old WTC complex of seven buildings was over 13 million sq. ft.
Posted on 12/18/20 at 3:54 pm to Im4datigers
quote:
You do realize that a million square feet of space in new york is nothing right? yes, there is an issue, but that is a drop in the bucket comparatively speaking.
I was talking about 9/11
This post was edited on 12/18/20 at 3:55 pm
Posted on 12/18/20 at 4:06 pm to chalmetteowl
Operative word - “some”.
The major departures they are seeing are due to a combination of telecommuting due to Covid and the city and state making it untenable to continue operating out of NYC. And the latter stepped up considerably in how they handled Covid as well as their attempts to bring in new income due to costs skyrocketing while revenues collapsed.
The major departures they are seeing are due to a combination of telecommuting due to Covid and the city and state making it untenable to continue operating out of NYC. And the latter stepped up considerably in how they handled Covid as well as their attempts to bring in new income due to costs skyrocketing while revenues collapsed.
Posted on 12/18/20 at 4:12 pm to Im4datigers
quote:
You do realize that a million square feet of space in new york is nothing right? yes, there is an issue, but that is a drop in the bucket comparatively speaking.
Bingo. I was coming to post that 1 million square feet is like maybe one full tower in NYC. Not making a dent. Not that I disagree with the sentiment, but this should by no means be a headline/story.
New York City has the most office space of any US city by far. With more than 451 million sq/ft of office inventory, New York City contains nearly 11% of the total office inventory in the US. NYC also has 122 million+ sq/ft more office space than any other US city (Washington, D.C. is in second place).
This post was edited on 12/18/20 at 4:16 pm
Posted on 12/18/20 at 4:15 pm to Alt26
See if you can spot Larry Bird’s daddy in one of these pictures:
quote:
Posted on 12/18/20 at 4:29 pm to MrLSU
On the one hand I'm like "Ha Ha, F#&% YOU, New York".
On the other hand I'm like "Oh shite please don't bring your Yankee asses down here".
On the other hand I'm like "Oh shite please don't bring your Yankee asses down here".
Posted on 12/18/20 at 4:33 pm to Paul Allen
quote:
I’ve read so many conflicting stories about office space and work from home.
My company did a survey asking people about WFH once things open back up. Close to 90% of the people who responded (response rate greater than 50%) said they wanted to work from home 4 of 5 days a week, on average. Only going in when needed for things that had to be done at the office. Paper files, some face-to-face meetings, etc.
Posted on 12/18/20 at 4:36 pm to NoHoTiger
What are company’s sales departments going to do? Most sales calls were face to face. Are they going to be done on Teams and Zoom from here on out? Kinda hard to sell something without seeing their body language and being there in person.
Posted on 12/18/20 at 4:46 pm to fallguy_1978
Once they defund the police... they can give the space to the homeless cause there would be no one to run them out of there...
Posted on 12/18/20 at 4:48 pm to Paul Allen
quote:
Why can’t people blame Republican and Democrat leaders? Why is it always Democrats associated with lockdowns when the virus and original March lockdowns were both Republican and Democrat leaders at state and local level. Is it always going to be pick a side and bash the other?
My sweet dark winter child. You and your ilk own this. You frickING own it!
Posted on 12/18/20 at 4:49 pm to Wild Thang
Cool your jets, bro.
Posted on 12/18/20 at 4:52 pm to Paul Allen
quote:
Cool your jets, bro.
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