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City To Rent Office Space at WTC 4 in 2014 Despite Excess Space Now

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Despite having found 8,000 empty desks the City of New York will be forced to rent 582,000 square feet of office space in Building 4 of the World Trade Center when it is completed in 2014. The empty desks can be used to estimate that the City has over 1,000,000 square feet of excess office space, also know as shadow office space. The question is will they actually occupy it or sublease the prime office space. Their contract price is $56.50 / sf. The timing could be good for the come-back of the Manhattan office space market as the recession continues to improve. Source

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1 response to “City To Rent Office Space at WTC 4 in 2014 Despite Excess Space Now”

  1. George Grace Says:
    NYC did make a big commitment to the WTC. It would seem the logical step to sublease it if they don't need it. On the other hand, the WTC are going to be super efficient buildings and it may behoove the City to move to the WTC and get rid of their excess space elsewhere. They are selling some other of their lower Manhattan holdings for potential residential conversions.