Just a casual glimpse of the New York City skyline reveals that the city is in the midst of a huge building boom. From the billionaire bunkers of 57th Street to Downtown Brooklyn, there’s no question that the city is witnessing a surge in construction.
For businesses of all sizes looking to relocate, this offers many new opportunities. With the city’s commercial stock aging – the average office building age in Manhattan is more than 60 years old – and increasingly being converted into luxury condos, the influx of new office space is obviously welcome! Two megaprojects that stand out above the rest in the midst of the current boom are two of the best-known: Hudson Yards and the World Trade Center.
But what just are the advantages of relocating to either Hudson Yards or the World Trade Center? Here’s a quick look at how they stack up.
The brainchild of former Deputy Mayor Dan Doctoroff, Hudson Yards boasts more than 17 million square feet of new office space currently under construction on the Far West Side, 10 million of which is being dedicated to modern commercial space. In addition, Hudson Yards also promises millions of square feet of residential space, a cultural center, school, retail hub, hotel and 14 acres of parkland, making it the largest private real estate development in U.S. history!
The main advantages of Hudson Yards for companies is its relatively affordable office space – Related Companies are giving away commercial space essentially at cost in order to speed up the development of the luxury residential units – and its surprisingly good transit connections. The development lies just two blocks from Penn Station and a short walk from the Port Authority Bus Terminal. It’s also very convenient to Grand Central Terminal and most other subway lines in Midtown thanks to the new 34th Street-Hudson Yards 7 train station that opened last year.
The drawbacks? Much of the area is still a no-mans’ land under development and largely bereft of amenities like good restaurants, bars and shops.
World Trade Center
Under construction for well over a decade now, the redevelopment of the World Trade Center is finally seeing the light at the end of the tunnel. The new World Trade Center, once fully completed, will offer millions of square feet of new commercial space, not to mention a new performing arts center, retail center and transit hub.
So why relocate to the World Trade Center? The complex offers excellent transit options thanks to Fulton Center and the new World Trade Center Transportation Hub, plus a shopping, dining and nightlife scene that blows Hudson Yards out of the water.
The big disadvantages of the World Trade Center are its cost for tenants, as Silverstein Properties and the Port Authority are essentially charging Midtown rents for a less prestigious Downtown location. The lack of a major regional transit hub nearby, like Penn or Grand Central, is another major drawback.
Hudson Yards vs. World Trade Center: Which to Choose?
The fact of the matter is that both developments offer their own unique advantages and disadvantages. Budget-minded companies may lean towards Hudson Yards, while businesses seeking a high-profile address will probably be more apt to choose the World Trade Center. One thing’s for sure though: there’s no shortage of new options for office space in Manhattan right now!