The economics of skyscrapers
Bibliography
Ascher, K. (2011). The Heights Anatomy of a Skyscraper . New York: The Penguin Press: 84-95. Bannock, G and Baxter R.E (2011). The Penguin Dictionary of Economics . Milton Keynes: Penguin: 56. Barr, Jason, Mizrach, Bruce, and Mundra, Kusum (2011). Skyscraper Height and the Business Cycle: International Time Series Evidence . Paper available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1970059 Harford, T (2011). The Undercover Economist . London: Abacus: 34-45. N/A. (2012). Skyscrapers 'linked with impending financial crashes'. Available: http://www.bbc.co.uk/news/business-16494013. Last accessed 17/06/2012. Thornton, Mark (2005). Skyscrapers and Business Cycles. The Quarterly Journal of Austrian Economics 8 (1): 51– 74. Whitehead, G. (1982). Economics Made Simple . 12th ed. London: Heinemann: 67-80.
Figure 1: Whitehead, G. (1982). Economics Made Simple . 12th ed. London: Heinemann. P.177 Figure 2: Source: http://ingrimayne.com/econ/government/excisetax2.htm Figure 3: Source: www.skyscrapernews.com, Barclays Capital Figure 4:Source: www.tradingeconomics.com Bureau of Economic Analysis
Appendix
1.1
Hotel/Residential – In a mixed-use skyscraper, hotel or residential uses are typically placed at the top of the tower. Placing these uses higher in the building allows the developer to command better rental rates or sales prices by selling the superior views and prestige of being ‘on top’. Practically, residential and hotel users place less demands on an elevator system and will therefore consume less space on the lower floors for shafts. Office – Office uses place the heaviest demand on elevator systems due to the higher density of workers and peak use demands in the morning, at noon, and in the evening. Intensive uses like trading floors will be located lowest in the building and may even require dedicated elevator systems. Retail – In most cities, street level retail will command the highest rents on a per-square-foot basis. However, rents drop off significantly as distances from the street increase, so retail will typically only be located on the first two to three floors of a skyscraper podium. The world’s first skyscraper, The Equitable Life Building in New York was completed in 1873 at a height of 142ft. Later demolished in 1912, this first skyscraper coincided with a five-year recession in the US and Europe that started in 1873 and is now known as the Long Depression. The Auditorium Building in Chicago completed in 1889 and the New York World Building, New York, completed in 1890, coincided with the British banking crisis of 1890 and a world recession. The Masonic Temple in Chicago, completed in 1892, the Manhattan Life Insurance Building in 1894 and Milwaukee City Hall, completed in 1895, all coincided with the US panic of 1893 marked by the collapse of railroad overbuilding, a series of bank failures and a run on gold. Until the Great Depression of the 1930s this was considered the worst depression the United States had ever experienced. 1.2
The Great Depression, marking the end of the extended post-World War I boom, was matched by three record- breaking New York skyscrapers: 40 Wall Street in 1929; The Chrysler Building in 1930 and the Empire State Building in 1931.
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