The gang at Appleseed, one of New York City's most interesting boutique economic development consultancies, has just launched a new blog. This is looking to be a must-read, as founder Hugh O'Neill has been one of the most accurate analysts and forecasters of economic trends in the New York region for many years now, and a strategist bar none. If his first post, a take on New York City's current commercial real estate market is a harbinger of things to come, I suspect we'll be back for more.
The gang at Appleseed, one of New York City's most interesting boutique economic development consultancies, has just launched a new blog. This is looking to be a must-read, as founder Hugh O'Neill has been one of the most accurate analysts and forecasters of economic trends in the New York region for many years now, and a strategist bar none. If his first post, a take on New York City's current commercial real estate market is a harbinger of things to come, I suspect we'll be back for more.
In June 2001, the Group of 35 – a committee of business, civic and community leaders convened by Senator Charles Schumer – issued a report on the development of commercial office space in New York City. Citing estimates that the City's office-based industries could add 300,000 jobs by 2020, the G35 report concluded that the City would need to add 60 million square feet to its existing supply of office space in order to accommodate the projected growth. But to produce new office space on that scale – an average net increase of 3 million square feet annually – the City would need to move aggressively to address a variety of barriers to new development, including zoning constraints, high construction costs and high property taxes.
While the G35's analysis was right on target, its timing was unfortunate. By the time the report was issued, the City's economy was already slipping into recession. The demand for office space was beginning to cool. And in the aftermath of Al Qaeda's attack on the World Trade Center, the issues raised by the Group of 35 seemed far less urgent.
In the bleak days of 2002 and 2003, many of New York's professional pessimists questioned whether the City would in the foreseeable future even need to replace the office buildings that had been destroyed on September 11, let alone add tens of millions of square feet of new space. The Port Authority and developer Larry Silverstein were widely and relentlessly criticized for their insistence on rebuilding all of the office space that had been lost at the World Trade Center.
Now, six years after the G35 issued its report, we're back to the future. In June 2007, according to CB Richard Ellis, the office vacancy rate in Manhattan dropped to 4.4 percent. Asking rents averaged $63.76 per square foot – a stunning 34 percent increase in just twelve months. In Lower Manhattan, average asking rents were over $46.79 per square foot – and in Midtown, $79.15. On Park Avenue, asking rents in June averaged more than $101. Cushman & Wakefield reports that in the first six months of 2007, 18 new leases were signed in Manhattan with rents in excess of $135 per square foot..... more
Technorati Tags: economic development, New York City, real estate

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.

San Antonio and Austin are Fusing Into one Massive Megaregion
The region spanning the two central Texas cities is growing fast, posing challenges for local infrastructure and water supplies.

Since Zion's Shuttles Went Electric “The Smog is Gone”
Visitors to Zion National Park can enjoy the canyon via the nation’s first fully electric park shuttle system.

Trump Distributing DOT Safety Funds at 1/10 Rate of Biden
Funds for Safe Streets and other transportation safety and equity programs are being held up by administrative reviews and conflicts with the Trump administration’s priorities.

German Cities Subsidize Taxis for Women Amid Wave of Violence
Free or low-cost taxi rides can help women navigate cities more safely, but critics say the programs don't address the root causes of violence against women.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
planning NEXT
Appalachian Highlands Housing Partners
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie
