In January, Rob Speyer spoke at the Real Estate Board of New York’s 120th Annual Banquet, where discussion focused on the city’s need for new developments that will foster continued economic growth and job creation.
“A new study by New York City Economic Development Corporation found that we need more office space — a lot more,” Speyer stated. “We’ve asked leading public and private sector experts to give their views on the state of the commercial real estate market, and what NYC needs to do to maintain our edge as a 21st century global economy.”
From 1960-1975, there were 169 new buildings that lent 110 million square feet in office space in New York City; from 2000-2015, only 35 new office buildings were built.
“As a city, and as an industry, we are making great strides in expanding our commercial districts and modernizing our office inventory, but more work needs to be done,” said Speyer. “Even as Hudson Yards and the new World Trade Center reshaping our skyline, we must push ahead with Midtown East rezoning, and we must continue to nurture emerging commercial markets.”
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