Quote:
Originally Posted by ssh
This is really interesting. Generally, people expected (and were correct for a short time) the pandemic to have an adverse effect on the long term New York office market/economy due to capital flight to smaller, more affordable metros. But New York has begun its Londonization phase, where everyone and every relevant company in the country wants to be there. Great for us skyscraper fans.
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That was always overblown, in terms of what to expect in New York. Mainly because of the
physical infrastructure of how the city works and operates. It's a place of "gathering" and proximity. If it could be scattered to the winds, it would have happened long ago, during one of the many prolonged eras of tragedy and decline. That's why I always laugh when people make such predictions of the city. It will outlive us all.
Now add to that the fact that new development hasn't kept up with demand (for various reasons), there was always going to be light at the end of the tunnel, even for developers whose projects have been long delayed.