TACTICS.
1. START IDENTIFYING POTENTIAL SHOWROOM SPACE.
1.1 Chronical Vacant Space Quantitatively and Qualitatively
As of Q4 2024, office vacancy rates in FiDi have reached 32.5% in the Insurance District and 26.5% in Financial East. While residential conversions may seem like a solution, many buildings present significant challenges. Large floor plates limit natural light, while structural layouts complicate plumbing, ventilation, and other essential modifications. These architectural constraints make conversions complex and costly, limiting residential feasibility.
Source: Cushman & Wakefield
| SUBMARKET | INVENTORY (SF) | DIRECT VACANT (SF) | SUBLET VACANT (SF) | OVERALL VACANCY (SF) | OVERALL VACANCY RATE |
|---|---|---|---|---|---|
| City Hall | 7,705,533 | 966,438 | 83,586 | 1,050,024 | 13.63% |
| Financial East | 29,924,951 | 5,653,983 | 2,178,585 | 7,832,568 | 26.17% |
| Financial West | 6,211,658 | 1,680,769 | 328,179 | 2,008,948 | 32.34% |
| Insurance | 11,896,251 | 3,620,105 | 342,085 | 3,962,190 | 33.31% |
| TriBeCa | 4,921,026 | 648,562 | 225,478 | 874,040 | 17.76% |
| World Trade | 24,144,411 | 2,380,656 | 2,125,459 | 4,506,115 | 18.66% |
| DOWNTOWN TOTALS | 84,803,830 | 14,950,513 | 5,283,372 | 20,233,885 | 23.86% |
1.2 Establish Initial Zones Based on Industry, Including Those in the Carbon Zero Economy and the Urban Nervous System
— All aspects of Invent City—including showrooms, virtual presence, and content development—are structured by industry. This covers trade marts, trade events, the metaverse, and content production. More on industries.
Vacant office spaces offer **highly adaptable showroom opportunities**, allowing businesses to present products in immersive environments. This repurposing not only revitalizes empty real estate but also fuels demand for additional office space. Similar to London's **Design Centre Chelsea Harbour**, these showrooms will serve as industry hubs, attracting business leaders and fostering economic growth.
FiDi will be organized into industry zones, attracting companies to vacant office spaces within their sectors.
1.3 Matching Demand with Supply
Repurposing FiDi’s Vacant Space for Carbon Zero Solutions — Of the **12 million square feet** of vacant office space east of Broadway, Invent City aims to **convert 2.5 million square feet into a climate innovation hub**. This includes **1 million square feet for showrooms** and **1.5 million square feet for supporting offices**, creating a flexible and dynamic center for sustainability-driven industries. More on the venue.
1.4 Identifying Ideal Pilot Locations
Targeting Pilot Spaces for RFP — Invent City is selecting **20,000 square feet of vacant office space** to launch a pilot showroom and event space. This will serve as a proof of concept for repurposing FiDi’s vacant stock into high-value commercial hubs. More on the venue.
MODEST DEMAND
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While high vacancies present challenges, they also create opportunities for innovative commercial uses. (Source: Cushman Wakefield Q1 2024). Carbon Zero anticipates demand for **2 million square feet**, leveraging FiDi’s excess supply to establish showrooms and supporting spaces at lower conversion costs than residential projects.
COMPARABLE USES
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Vacancies open the door for experimental venue models. (Source: Cushman Wakefield Q1 2024). With a long-term surplus of vacant space, Carbon Zero has the flexibility to establish cost-effective showrooms and innovation hubs.
Highest and Best Economic Use — Compare showroom economics to residential conversions or arts centers like the Water Street Associates building at 161 Water Street. Invent City complements these uses but offers significantly greater economic potential.
2. COMMUNICATE VALUE TO STAKEHOLDERS.
2.1 The Most Critical Tactic
A clear, compelling communication strategy ensures stakeholders understand the impact and value—keeping them engaged, aligned, and invested. Effective messaging accelerates adoption and drives urban resilience. For NYC, this means a booming economic engine, lower taxpayer costs, cleaner air, reduced congestion, higher property values, and a thriving carbon-zero ecosystem that benefits businesses and residents alike.
Key Stakeholders: Property Owners, Corporations, Residents, and More — For property owners, the carbon-zero cluster boosts demand and property values. Corporations gain revenue growth, sustainability leadership, and brand prestige. Residents enjoy a higher quality of life with cleaner air, green spaces, and improved services. The cluster is a win-win—revitalizing neighborhoods, driving economic growth, and tackling climate challenges head-on.
| Sample Stakeholders (Non-Exhaustive) |
|---|
| Taxpayers— Benefit from better infrastructure, job growth, economic expansion, and enhanced public safety. |
| Property Owners— Play a key role in transforming FiDi by investing in renovations, sustainability upgrades, and repurposing vacant office spaces. |
| Corporations— Drive FiDi’s transformation by participating in showrooms, exhibits, and industry events. |
| Residents— Enjoy cleaner air, green spaces, and enhanced local services, creating a more livable and sustainable community. |
| Non-Governmental Organizations— Advocate for sustainable policies, ensuring the transition aligns with environmental and social goals. |
| Local Government— Provides regulations, infrastructure, and incentives that guide FiDi’s transformation, enabling large-scale sustainable development. |
3. DECOUPLE ELEMENTS FOR CONTINUITY.
3.1. Use a Parallel Strategic and Tactical Plan and Approach.
One reason bold initiatives often fail, is that they work serially — Invent City is designed to withstand various roadblocks. While many projects are serial, meaning one thing comes after the other, Invent City's approach is to have sub intiatives on separate, parallel tracks. If one sub initiative stalls, it doesnt stop other parts of the initiative from moving forward. Invent City is orgznized with six sub initiatives, each with further sub initiatives. These are expected to grow.
4. BUILD MOMENTUM WITH EVENTS.
5. ESTABLISH VIRTUAL PRESENCE EARLY.
This is similar to events being both strategic and tactical — Virtual, which includes the web, the app and the metaverse, is strategic in that they are the expansion of market presence. It tactical in that it is marketing both events and the showroom element.
6. IDENTIFY OTHER ASSETS FOR USE.
FiDi has a wide array of urban assets in various forms of ownership — Utilize neighborhood resources, including spaces for exhibits and short-term events, to generate revenue for upgrades and transformation. These initiatives will pave the way for a replicable carbon-zero city with a stronger local economy, an improved quality of life, and higher property values. Many of these assets could be in need of improvement, the cost of which could be covered by the initiative. More on potential assets.
Potential other assets.
| EXAMPLE ASSETS OTHER THAN OFFICE |
|---|
| Alleyways and Narrow Streets— Hidden gems like 6 Dutch Street. |
| Vacant Retail— Prime spots along Fulton and Nassau Streets, 22% vacancy (Broadsheet). |
| Public Spaces— Historic plazas like Golden Hill. |
| Under the FDR— Future park and flood protection projects under LMCR. |
| Vacant Land and Parking Lots— Gotham Parking and others for public exhibits. |
| Large Facilities— Winter Garden and Pier 17 for temporary events. |
| Educational Facilities— Summer projects at spaces like Pace University. |
| Privately Owned Public Spaces (POPS)— Accessible spaces like 59 Maiden Lane. |
| Street Parking Sheds— Inspired by NYC’s Open Restaurant Program. |
7. CREATE DOOH OPPORTUNITIES WITH MERCHANTS.
Partner with Local Merchants to Implement an Innovative OOH/DOOH Strategy to Boost Visibility and Revenue — Local merchants have an increasing number of screens of which some are underutilized for at least part of the day. Invent City looks to utilize a blend of traditional and digital out-of-home (OOH/DOOH) media in FiDi to engage the community and spotlight Invent City initiatives. OOH/DOOH will have QR codes to link to the Invent City app.
| EXAMPLE ASSETS OTHER THAN OFFICE |
|---|
| Alleyways and Narrow Streets— Hidden gems like 6 Dutch Street. |
| Vacant Retail— Prime spots along Fulton and Nassau Streets, 22% vacancy (Broadsheet). |
| Public Spaces— Historic plazas like Golden Hill. |
| Under the FDR— Future park and flood protection projects under LMCR. |
| Vacant Land and Parking Lots— Gotham Parking and others for public exhibits. |
| Large Facilities— Winter Garden and Pier 17 for temporary events. |
| Educational Facilities— Summer projects at spaces like Pace University. |
| Privately Owned Public Spaces (POPS)— Accessible spaces like 59 Maiden Lane. |
| Street Parking Sheds— Inspired by NYC’s Open Restaurant Program. |
