"The plan they select is not nearly as relevant as short- term investment in transportation," said Mosler, the only real estate executive on the LMDC's business advisory board. "The Second Avenue subway -- stuff like that is crucial." Downtown must still contend with a weak economy.
Manhattan lost 6,900 jobs in the financial service industry in the first 11 months of last year, compared with a loss of 2,660 in the same period of 2001, and a gain of 8,900 in 2000 according to the New York City Office of the Comptroller. The city's economy has contracted for seven straight quarters.
Some economists said the 920,903m2 of space on the drawing board -- more than 12 percent of the entire Lower Manhattan office market -- is too much.
When the World Trade Center was built in the 1970s, Lower Manhattan rents were depressed for 20 years, said Jeremy Soffin, public affairs director for Regional Plan Association, a think-tank that focuses on New York regional development.
"I think everybody believes building the exact same amount of space would not be realistic or appropriate," Soffin said.
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