Posted Oct 11, 2024, 2:23 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,214
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Quote:
Originally Posted by Redzio
Can you tell why in the past years office floors got much taller than before? Like in this tower, its nearly 5 meters per floor!
My common sense tells me that they would get much more usable floor area if they "just" fill this tower with more floors. I know that some old buildings like twin towers had really short floors but this tower and 175 Park Avenue have extraordinarily tall floors. Are high-rise office floors more desirable to tenants? If so, why?
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That's not how it works. The usable floor area remains the same, regardless of how high the ceilings are. The higher ceilings are what attracts companies because they allow for more daylight, among other things. Higher ceiling heights are a big selling point in modern office buildings, just as they are in new condos you see rising. The floor area, however, remains the same.
Here's an example from an older article in the Times:
https://www.nytimes.com/2011/12/14/r...usinesses.html
Offices With More Breathing Room
By Tom Acitelli
Dec. 13, 2011
Quote:
The 28th floor of the office building at 499 Park Avenue has 17-foot-high windows that run from floor to ceiling on four sides, and they offer views clear to the George Washington Bridge and to airplanes taking off from La Guardia and Newark airports.
.....“Our eyes lit up when we found that we had 17-foot ceilings,” said David E. Green, an executive director at Cushman & Wakefield, the brokerage firm marketing the 28th-floor space as well as space on three lower floors. The possibilities seemed immediately obvious. The space could be perfect for a private equity firm or a hedge fund — with a lofty asking rent of at least $150 a square foot.
Once a rarity in the Manhattan office market, big, brassy “vanity plates” are becoming more common, especially in new buildings, brokers say. And once seen as difficult to rent, the spaces can command some of the highest office rents in Manhattan since the recession, some more than $100 a square foot. The airy openness appeals not only to the financial masters of the universe who want clients to see the views, but also to new media and technology firms that want a loftlike feel.
These increasingly desirable spaces are found up and down the Manhattan office market, from Midtown towers like 499 Park and 250 West 55th Street to downtown in the Goldman Sachs headquarters at 200 West Street, which opened in 2009, and at 1 and 3 World Trade Center now under construction.
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Quote:
The most prominent example of the trend toward higher, airier office spaces is 1 World Trade Center, the 104-story tower being developed by the Port Authority of New York and New Jersey and scheduled to open in 2013. The publishing house Condé Nast will be the anchor tenant.
Tara Stacom, the Cushman & Wakefield vice chairwoman in charge of leasing at the tower, said more than 90 percent of the interior space at 1 World Trade Center would be reached by natural light.
“I think the other new buildings that will be built in this city in this next decade will do the same,” Ms. Stacom added. She was also part of the brokerage team that advised Lazard last winter on its 21-year leasing deal at 30 Rockefeller Plaza. The firm is renovating space it has held for almost 40 years to make it more open, including floor-to-ceiling glass walls in place of Sheetrock on perimeter offices. “It’s what tenants are demanding.”
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