Tuesday, May 17, 2011

Fewer Towers On The Horizon

Office construction down from previous decades.

The office skyscraper is one of the New York City's defining features. But developers aren't churning them out the way they used to.

So far this decade, less than 6 million square feet of new office space is under construction in the city. Between 1950 and 1960, developers built an average of about 53 million square feet of office space per decade, and since 1990, the average dropped to 14 million per decade. Some government and industry officials are concerned that New York will have a harder time competing against other global cities.

The Wall Street Journal
May 16, 2011