HSBC Tower

It looks like HSBC, the largest tenant in the HSBC Tower in downtown Buffalo, is looking at moving out. And that’s going to be a disaster for downtown real estate.

Essentially, HSBC will build new office space for themselves as part of the waterfront restoration project. They move out of the tower. Other downtown business tenants move in, because “class A” space will become much cheaper and more available. So all of the “class B” space will be wanting for tenants.

(The obvious solution is to bring in more businesses. But with this being one of the highest-taxed counties in one of the highest-taxed states, we are not popular.)

Awesome. Because having an abandoned hotel across the street from City Hall wasn’t embarassing enough.

5 Responses to “HSBC Tower”

  1. Dan says:

    That’s the worst news regarding downtown Buffalo I’ve heard in a very long time. And that’s saying something. When the only part of that city that actually looks like a city is in such sorry shape, you’d think, “Keep HSBC happy no matter what” would be at the top of the list.

    I mean seriously, that’s the only building you can make out from as far away as Perrysburgh. You can see the outline of downtown’s only real skyscraper. You absolutely can’t let that get neutered.

  2. matt says:

    Well, the building will still be there. But it will be full of squatters. You know, like Lyons Hall was when I was an undergrad.

    Thankfully, they’re still likely to stay downtown, albeit in a different building. With so much of HSBC’s operations moving from Buffalo to Chicago, there’s a real chance that they could just pull up stakes entirely.

  3. Dan says:

    I wasn’t figuring they’d take the building down or anything. It’s just yet another embarassment if the tallest building is vacant (or as good as vacant). Kind of like having a football stadium that brings in zero naming rights revenue.

  4. BrianN says:

    Incidentally, you know what HSBC stands for? “Holy Shit we were Bought by Chinese!”

  5. Pitt says:

    Does anybody still live in Buffalo? That city is SOOO 1910’s. Come to think of it, there really isn’t much of NY that I drive through thinking “Wow, what a hotbed of economic activity _this_ place is!” Mostly, it just seems like a bunch of people who were too stubborn to move away.

    Sorry I missed everyone while Katie and I were up over Christmas. We had to be back here by Tuesday night, which pretty much meant leaving Monday.

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