By Hilary George-Parkin7th September 2020 – BBC News
With workers doing their jobs at home, the business ecosystems around office towers are taking a hit – maybe even a fatal blow.
.
PHOTO: The underground network of shops along Toronto’s PATH are suffering as foot traffic from the office buildings above has all but disappeared (Credit: Hilary George-Parkin)
13:00 is usually the peak of the lunch rush in the passageways beneath Brookfield Place in downtown Toronto. On a Thursday in August, though, the food court sat mostly empty, save for a smattering of workers, a lone security guard who ambled past the still-shuttered Starbucks and signs telling visitors to maintain physical distancing (though from whom it wasn’t clear). Continue reading
New York: Why Manhattan’s Skyscrapers Are Empty – commentary
New York Luxury Skyscrapers
Approximately half of the luxury-condo units that have come onto the market in the past five years are still unsold.
In Manhattan, the homeless shelters are full, and the luxury skyscrapers are vacant.
Such is the tale of two cities within America’s largest metro. Even as 80,000 people sleep in New York City’s shelters or on its streets, Manhattan residents have watched skinny condominium skyscrapers rise across the island. These colossal stalagmites initially transformed not only the city’s skyline but also the real-estate market for new homes. From 2011 to 2019, the average price of a newly listed condo in New York soared from $1.15 million to $3.77 million. Continue reading →
Share this: