WTC Tower Unveiled, Again
With the World Trade Center a major entry way to New York for many West Hudson Coast residents, the finalized plans will have a major impact for Jersey City and Hoboken. The newest rendition of the Freedom Tower was unveiled today incorporating new security concerns. The plans for the World Trade Center site will not only effect transportation, it will also offer a major alteration to the skyline from the Hudson Water front and play a major roll in the regional economy.
It seems so far though, that the Freedom Tower will not be offering much competition to Downtown Jersey City office space. So far the only organizations to agree to move into the building is the Port Authority and state government offices. So a large amount of unused office space could bring down rents throughout lower Manhattan and on the Hudson coast. The biggest selling point for future tenents of the Freedom Tower is not location, but prestige. Jersey City probably does not offer the same prestige as the Freedom Tower, and so are probably not competing for the same tenents.
More likely, a building of this size would simply mean more residents for Jersey City and Hoboken as tens of thousands of jobs return to lower Manhattan. Completetion of such a large amount of office space may ease the fall of the residential real estate market which appears inevitable in the coming years. The building would be occupied by 2010. While the real estate bubble is expected to pop eventually, for now things are going strong. But five years from now may be a very different story, and with the new jobs a 5 minute PATH ride away, Jersey City property values may hold their value even as places like Brooklyn or Queens see new lows.
There are of course a few alternatives, but none that are being taken seriously.
It was not clear whether the new Freedom Tower design will change the new planned PATH station.
It seems so far though, that the Freedom Tower will not be offering much competition to Downtown Jersey City office space. So far the only organizations to agree to move into the building is the Port Authority and state government offices. So a large amount of unused office space could bring down rents throughout lower Manhattan and on the Hudson coast. The biggest selling point for future tenents of the Freedom Tower is not location, but prestige. Jersey City probably does not offer the same prestige as the Freedom Tower, and so are probably not competing for the same tenents.
More likely, a building of this size would simply mean more residents for Jersey City and Hoboken as tens of thousands of jobs return to lower Manhattan. Completetion of such a large amount of office space may ease the fall of the residential real estate market which appears inevitable in the coming years. The building would be occupied by 2010. While the real estate bubble is expected to pop eventually, for now things are going strong. But five years from now may be a very different story, and with the new jobs a 5 minute PATH ride away, Jersey City property values may hold their value even as places like Brooklyn or Queens see new lows.
There are of course a few alternatives, but none that are being taken seriously.
It was not clear whether the new Freedom Tower design will change the new planned PATH station.
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