Exodus Of Manhattan Business
Subsequently following the fiscal crisis, a great number of business owners planned to relocated. Up to this point, I found the following sources quintessential, and they did have something to do with the rise of Downtown Brooklyn and MetroTech, and could actually explain the timeline of the events well.
In 1980s, Mayor Edward Koch committed to match any agreement offered in New Jersey or elsewhere if New York loses its financial-service businesses. However, as their space requirements expand, financial worries are becoming an issue. Back-office space in Manhattan is believed to be 20 million square feet, with banks, insurance companies, and brokerage firms using it for check and securities clearing, data processing, accounting, and stock transfers. Large open floors and low rentals are what firms are looking for(Guenther, Page /).
Due to the assistance nature of the aforesaid policy, it is said by professionals that a significant amount of enterprises will do leave Manhattan.
Mr. Schnabel expects that corporations will relocate as much as half of their Manhattan back-office space in the next five years. New York is attempting to entice businesses to its outskirts(Guenther, Page /).
As from the photo "Exodus from Manhattan", one could sense coldness and helplessness in the seemingly prosperous heart district of New York City. While birds are fleeing from falling trees, a wave of corporations are seeking Downtown Brooklyn as their new home location.
Downtown Brooklyn rivals other boroughs in terms of pricing and location, and it has better public transportation. To maintain back-office activities in the city, the city regions in Manhattan are granting tax abatements on sites outside the conventional business. New York is also relying on less visible considerations than low rents. (Netzer, 30)
Although there might not be much great difference between boroughs, I could tell that the 1980s and its subsequent decade would be the golden time for Brooklyn to attract business, to upgrade its industry structure. I was impressed by how business relocation would impact this borough and no one at that time has realized it would become as it is now.