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Vornado Realty Trust is contemplating turning a prime New York City plot into a giant billboard. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNew York City-based developer Vornado Realty Trust is considering using a plot of land near Madison Square Garden and the Empire State Building to house a 150-foot tall billboard, among other options. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Realty, Service, Vornado Realty, Garden, Empire, Business Locations: New York, Hotel Pennsylvania, York City, Madison
Top Office Developers Hit the Pause Button on New Projects
  + stars: | 2022-11-08 | by ( Peter Grant | )   time to read: 1 min
Vornado Realty Trust has begun demolition of Hotel Pennsylvania in Manhattan, but the weak office market may slow plans to replace it with an office building. U.S. real-estate developers are delaying major office projects already under way or in the planning stages, discouraged by high vacancy rates and the reduction in workspace demand resulting from remote work. Some property developers view periods of economic uncertainty and weak office demand as good times to launch new projects. Because large-scale developments tend to take three to five years or longer, developers bet that tenants looking to trade up in office quality will be drawn to modern offices with lots of amenities, just as the economy is gaining steam.
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