10:08:23 | 2012-05-25
(New York, NY) — The infamous New York City skyline will see being seeing a change in its makeup soon. Once the One World Trade Center surpassed the Empire State Building in height the city will have a new tallest building. The One World Trade Center will be the tallest of the six towers being created at Ground Zero in Manhattan. Although it took many years for this redevelopment to go through; the One World Trade Center is growing in more ways than people expected.
Not only has the building reached 1,271 feet in height as it climbs towards its final size of 1,776 feet, but the rental prices for the inside of the building are growing as well. According to reports, the Port Authority is asking for $75 per square foot to rent inside the record-breaking building. Although, there has been much speculation about what the price for renting inside the world-famous space will be, spokesmen from the Port Authority are confident that by 2017 and 2018; the building will be fully leased.
While some are throwing around these large numbers; others are expecting prices at a fraction of the cost. When the first World Trade Center opened in 1973; the Port Authority offered staggeringly low prices to attract tenants, and it took more than 13 years to fill the building. While very few doubt that the new One World Trade Center will have the same struggles in filling their occupancies; many are doubting that rental prices will soar in the same way the building’s height has.
Even with the speculation surrounding the potentially high rental rates, and the flourishing area now surrounding the One World Trade Center; not everyone is convinced the building will be able to lease space for such high prices. This is especially noteworthy considering how much space the skyscraper will have to fill once it reaches its final size. Whether this central building from the Ground Zero development ends up rising rental prices or not; one thing is for certain, the city is looking at this building as much more than a rental space. The structure, which is proudly rising to fruition in an area that once was a site of such tragedy, is seen by many as a symbol of success for the entire country.
—Email richard@brokerpulse.com
