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TheStreet Open House

No One Wants In on New WTC

By Kevin Spak, Newser Staff

Construction is finally under way on the new World Trade Center site in New York, but there's one little problem: No one actually wants space in any of the buildings.

The third tower, 3 World Trade Center, has had to halt construction at the eighth floor -- it's supposed to have 80 -- because it can't find a tenant, and can't build higher without one under the developer's deal with the city, the Wall Street Journal reports.

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The other two towers are each roughly half-full, with 4 World Trade Center occupied mostly by government agencies and the signature One World Trade Center rented mostly by Conde Nast.

The primary culprit is an economic climate that has most of New York's financial firms contracting, not expanding into new spaces. "They're excellent office buildings," says one real estate executive. "There's just not demand."



--Written by Kevin Spak of Newser

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