New York City has more in common with London than any other city in the world. Its subway-riding population of nearly nine million people (about the same as ours), drives one of the biggest service sector economies in the world. Arts, retail, hospitality and culture in both places are pretty much unrivalled.
The pandemic has harmed both cities. Headlines would have you believe New York is full of empty offices, plagued by crime and homelessness. Labour shortages, strikes, problems with policing and a never-ending housing shortage complete the list. Sound familiar?
But, away from these issues, which city has more swagger as it strides towards the 2030s? And what might we learn from our neighbour across the pond?
Hybrid working
Office vacancy rates in Manhattan rose to more than 22 per cent in the first quarter of this year, nearly double pre-Covid rates. In contrast, central London’s empty space levels have risen too, but to just under eight per cent, compared with 5.7 per cent pre-pandemic. In Lower Manhattan, planning officials are changing offices into homes.
Central London boroughs are more wary of losing commercial space, not least because of concerns over the long-term impact on the economy (is WFH really for ever?) and the suitability of some conversions.
Hybrid working has taken its toll on commuting. New York subway ridership was 69 per cent of early 2020 levels in the first quarter of this year. London has performed better, with Tube use at 90 per cent of 2019 levels.
Despite these challenges, New York is not quite as doom-laden as some commentators might have us believe. On a visit aimed at fact-finding and drumming up investment for London, leaders from London business and government saw first-hand that NYC is alive and kicking.
Transport overhaul
New York has a remarkable capacity to re-invent itself. Take the World Trade Center. More than two decades on from the terror attacks that destroyed the Twin Towers and killed nearly 3,000 people, a new $20 billion (£16 billion) district has risen from the ashes.
When complete, six skyscrapers will provide 21 million square feet of space. These super ‘scrapers are complemented by an outstanding transport interchange (the Oculus).
The $11 billion (£9 billion), 15-storey deep enlargement of Grand Central Station certainly has a big wow effect — but it took 50 years to deliver and for twice the price, you could have an entire Elizabeth line.
Green spaces
New York has a more industrial feel than the West End or City. But because of a tougher approach taken by New York’s powerful mayor, they are less vulnerable to the relentless roadworks and rubbish that plague London.
But the capital has attributes that New York cannot secure. Central Park aside, much of Manhattan’s public realm is formed from converted pieces of roadway. In London, parks stretch to the equivalent of 70,000 football pitches, 60 per cent more than are to be found in NYC.
The London Underground is in far better shape than the New York subway, with better stations, service frequencies and train interiors. New York has nothing like the Elizabeth line either built or in the offing.
Getting to and from its major airports is an egg and spoon race with different ticketing systems all over the place. Only now is an Oyster-style touch-in being rolled out.
Promised extensions, such as the Second Avenue subway (first mooted a century ago) make London’s delivery of new rail lines look positively fast-moving.
Housing markets
Believe it or not, on housing too London has the upper hand. In the 10 years to 2021, London delivered nearly 50 per cent more homes than NYC.
I like New York. The energy and the sense of optimism of the place are impossible to ignore. It is, in the words of one local, an underdog city of the US — resented and loved in equal measure by out-of-towners. A similar relationship exists between London and the rest of the UK.
But for me, London has the edge: a global city that is still local and liveable, a little greener and less industrial than its greatest rival. But make no mistake, New York is fighting to boost its position as one of the world’s most exciting cities. It would be foolhardy to write it off.
