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Space downtown is so expensive in large part because it offers unparalleled access to the Federal government. Therefore, firms that need that access either because they primarily serve the government or lobby it (including non-profits) will be willing to bid up space that is nearby. For tech firms (or any other firms) that don't work with the Feds so much, it makes more sense to pay less for equivalent space elsewhere.

I'm not necessarily for much taller heights downtown on balance, but reducing rents to attract more diverse industries does seem to be one good argument in favor. Of course, rents would still have to be pretty expensive to justify new high-rise construction.

by RichardatCourthouse on May 12, 2011 2:30 am • link • report

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