Fashion Center primed to become next major office market.Change in life is inevitable. Change in Manhattan's real estate market is even more certain with the introduction of new players, new construction and the evolution of new markets. The events that have taken place in the real estate industry over the past five years, however, greatly differ from those that occurred in the mid-1980's, especially on Manhattan's West Side and in the Fashion District. The evolution of the Fashion District as an office market is a story that began over a decade ago, when people moved to the West Side as a result of expensive rents and short supply of office space on the East Side. This migration, however, was short-lived. Once the traditional office space availability increased again, tenants left the West Side, returning to the East Side office market. Today, office tenants, including such prestigious companies as Bates Bates , Katherine Lee 1859-1929. American educator and writer best known for her poem "America the Beautiful," written in 1893 and revised in 1904 and 1911. USA Advertising and Skadden Arps, are once again moving to the West Side, specifically the Fashion District, where rents remain competitive and the availability of space is ample. Today, however, the changes are permanent, as a result of the Times square revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. and the area's diminishing manufacturing sector. Emerging markets, new developments and changing tenancies are creating a new, evolved Fashion Center. Yet, for an area surrounded by new high-tech office tenants and increased property values, the Fashion District is faced with a dilemma in the form of a 12-year-old zoning law which restricts the conversion of buildings on die area's side streets to office properties. These buildings are restrictively zoned for 50 percent manufacturing and 50 percent office tenants, and as a result, the value of these side street buildings remain depressed. This law, which was passed to preserve jobs in the garment industry, has failed, as manufacturing jobs continue to decline. Real estate values remain below that of comparable areas, deterring the Fashion District from becoming a major, thriving office region, and depriving the City of additional revenue. The problem is now becoming apparent, as office tenants are vying vy·ing v. Present participle of vie. vying vie for the space that has been zoned for manufacturing tenants. The solution will come when die outdated law is rescinded and free market forces allow change to reshape the Fashion District. The area will then be able to reap the benefits of the Times square revitalization and the increasing demand by office tenants. The Fashion District is an area of Manhattan with tremendous untapped potential. With the region's easy access to every major subway subway: see rapid transit. subway Underground railway system used to transport passengers within urban and suburban areas. The first subway line, 3. line, close proximity to Penn Station and the Long Island Railroad railroad or railway, form of transportation most commonly consisting of steel rails, called tracks, on which freight cars, passenger cars, and other rolling stock are drawn by one locomotive or more. , Amtrak Amtrak, the National Railroad Passenger Corp., authorized to operate virtually all intercity passenger railroad routes in the United States. Amtrak was created by Congress in 1970 in response to more than two decades of continuous operating deficits by privately run and New Jersey Transit The New Jersey Transit Corporation (NJ Transit) is a statewide public transportation system serving the state of New Jersey, and Orange and Rockland counties in New York. It operates bus, light rail, and commuter rail services throughout the state, notably connecting to major , as well as the rapidly emerging Times square, this sector of Manhattan is primed for redevelopment. New emerging markets, new demand and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. market conditions has set the stage for the West Side in general, and the Fashion District in particular, to become a thriving office center while remaining the fashion capital of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Now is the time to allow the natural progression of change to take its course. |
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