WTCA is a powerful fabric of commerce that runs through 318 cities and 88 countries. Today it is the largest network of office complexes and intellectual capital enabling trade and commerce connecting virtually every business and trading hub across the globe.
WTCs represent a global network of active and planned locations in 300 cities in 100 countries that work to create competitive advantage for businesses conducting international trade. Today, a large proportion of the $12 trillion world trade (goods and services) passes through the WTCs across the globe. WTCs are, therefore, at the center of the changing dynamics of trade and business every day, giving their members access to opportunities that no other network can.
WTCs consolidate international trade agencies & private sector firms involved in global trade and commerce, providing single-point access. For instance, WTC Boston houses the US Export Assistance Center which includes the US Department of Commerce, and offers one of the largest venues in northeast US for international meetings, exhibitions and conventions. WTC Boston works with the state of Massachusetts, the Massachusetts Port Authority, local universities, industry associations, foreign consulates and foreign WTCs to host visiting trade delegations.
Due to the high calibre of their international clients, as well as the draw of co-located facilities, WTCs typically achieve premium rental rates and demand. Look at the case of Boston. WTC Boston rental rates average US$ 45 per square foot with a vacancy rate of 2 percent, compared with an overall Boston rental rate of US$ 33.75 and an overall vacancy rate of 10.8 percent. The Seaport Hotel enjoys an average daily rate of US$ 192 at 72 percent occupancy, compared with a citywide rate of US$ 172 & 74 percent, respectively.
Because of scale or government sponsorship, WTCs in most cases dramatically upgrade local real estate patterns, providing strong investor ROI. For example, WTC Boston dramatically impacted commercial development of the South Boston waterfront. Major projects in the revived 1,000-acre Seaport District since the WTC arrived include apartments and condominiums, hotels, retail centers, office buildings, meeting and convention facilities (the Boston Convention and Exposition center), industrial properties and a new subway station.
With hotel, conference and exhibition facilities, WTCs attract substantial out-of-town visitation, producing positive fiscal impact for their communities. For instance, WTC Boston attracts an estimated 1 million overnight visitor-days and 600,000 day trip visitor days annually. The combined estimated direct, indirect and induced spending associated with WTC Boston equals US$ 582.8 million annually (2006 dollars). Fiscal impact: US$ 142.9 million
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