Office Rents Cut at One World Trade – Would You Work There? [POLL]
Last week, the issue surrounding the World Trade Center was all about how appropriate it would be to sell Twin Towers “tchotchkes” at the museum gift shop.
The latest reports indicate that the building known as 1 World Trade Center is right now struggling to fill its office space.
Part of the reason has to do with the economy being sluggish; and the fact that office space per square foot is at a premium in downtown Manhattan.
One of the other reasons, no doubt, has to do with the skittishness of some companies moving into what they may fear could be the target of another terrorist attack.
I’ve had a number of doubts as to whether or not it was prudent to build the tower in the first place – one of which was the fact that the site was hallowed ground.
The other was that, given how long it took for the Twin Towers to gain occupancy, it didn’t make practical sense – at least not to me.
Add to that the fact that, as best as I can recollect, the reason given for the recent toll increases at Port Authority crossings was done in order to fund the cost overruns of building the tower.
All this adds up to what appears to be a white elephant sitting on the site.
Developer Douglas Durst, doesn’t believe it’s the building as much as it is a larger problem.
“The market’s not there,” said Mr. Durst, whose Durst Organization bought a stake in the tower from the Port Authority in mid-2011. “When we started in 2011, everybody expected the economy to take off, and obviously that hasn’t happened.”
While the economics of the building of the tower can’t be downplayed, one thing that isn’t being made into a big deal is the safety factor.
Somehow, even with all the enhanced security that may be in place at the tower, those with evil intent – or perhaps daredevils as we’ve seen recently – will try to evade security.
What happened on 9/11 is always going to be in the backs of the minds of anyone working at the site. But the gleaming officer tower is there, and there’s space to be had – albeit at a reduced rate for the time being.
Would you be willing to work at One World Trade Center?