Grand Central Office Market

In: Business and Management

Submitted By lisamarquis
Words 9892
Pages 40
| GRAND CENTAL OFFICE MARKET | | | Lisa Downing | 5/5/2009 |

|

Table of Contents
Subject Headings Page Nos.
Grand Central Office Market 1
Grand Central Scene 1
Who/What Dominates the District 2
Grand Central Office Climate 4 District Vis a Vis Office Setting 4
Historical Analysis of Market Statistics 6
Comparative Analysis: Grand Central, Midtown & Manhattan 7
History of Land Use and Development Trends 8 Grand Central Terminal Today 11 External Market Forces 12 Government Intervention 14 Employment 15
Subject Properties 18 Lincoln Building 18 JP Morgan Chase 20 Competitive Position 21
Summary & Trends 25
Projections 26

I. Grand Central Office Market Analysis
The New York City Office Market is comprised of three submarkets, Downtown, Midtown and Midtown South. The Midtown submarket in the largest Central Business District in the United States; it is the submarket that the Grand Central office market is located and upon which this analysis is based. Other neighborhoods within the Midtown submarket include: Columbus Circle, Penn Plaza/Garment District, Plaza District and Times Square (Kindly refer to Appendix Nos.1 & 2). The Grand Central office market straddles in both Community Board #5 and Community Board # 6, the planning bodies of the City that overseas development and other municipal related concerns. According to the Grand Central Partnership, the Business Improvement District, the boundaries of Grand Central area can extend as far East as Second Avenue and as far West as Fifth Avenue. On the Northside the district extends to 54th street and as far South as 35th street.…...

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