A recent article in Institutional Investor is a timely reminder that every place, no matter its size or popularity, must always keep an eye over its ‘shoulder’ for unexpected competitors and threats. Midtown Manhattan would seem to be on an unassailable high with new buildings, iconic tenants, millions of visitors and soaring real estate prices. But, amazingly 60% of Manhattan’s buildings are over 50 years of age making the city’s commercial real estate much older than cities like London and Beijing.
But there is a new city rising on the west side of the Manhattan. Hudson Yards is about to disrupt Manhattan as a place to live, work and play. Hudson Yards is the largest private real estate development in the history of the United States and the largest development in New York City since Rockefeller Center
Hudson Yards will consist of 16 skyscrapers containing new office, residential, and retail space. Among its components will be a huge retail center with two levels of restaurants, cafes, markets and bars, a hotel, a cultural space, performing arts center, a 750-seat school, and huge public open park space. It’s designed as a ‘playground’ for Millennials.
Many iconic commercial tenants are planning to vacant marquee buildings for Hudson Yards. While Hudson Yards will be a significant competitor to Midtown as a trendy and modern alternative for commercial and residential real estate, Midtown will remain a formidable tourism destination because of its iconic attractions and neighborhoods.
This is a great reminder that every place, no matter its size or popularity, must constantly innovate, invest and stay on watch for tomorrow’s unexpected competitor.
Produced by: Total Destination Marketing
Best Selling Book: Destination Branding for Small Cities