In New York City, there are office buildings from one side of the area to the next. Within these buildings are companies of all sizes and industries. While rent can be high in the Big Apple, there is something to be said for having an office in the city that never sleeps.
As is the case in every city throughout the country, some office buildings in New York City are more desirable than others. At this time, the World Trade Center, which one would believe to be among the most desirable in the city, is looking for tenants. In fact, the tower is 40 percent empty.
There are some obstacles standing in the way, including the fact that the office building is located on the area that was destroyed on 9/11. However, many companies are excited about being part of the revitalization.
The president of the company that built the World Trade Center feels that the allure for tenants will become greater once the construction fences are gone.
At this time, the tenants in the World Trade Center include two government agencies. There is roughly one million square feet of office space up for grabs.
The commercial real estate game in New York City is quite competitive. For this reason, the World Trade Center is faced with a lot of competition - and this is not going to change anytime in the near future. Thanks to many financial companies in the area that have downsized, the amount of available real estate in the city is growing.
Before signing any lease on a commercial property, it is best to have the lease reviewed by a knowledgeable legal professional. This will help ensure your rights and interests are protected.
Source: Bloomberg, "NYC's World Trade Tower Opens 40% Empty in Revival" David M. Levitt, Nov. 12, 2013