In June 2001, the Group of 35 – a committee of business, civic and community leaders convened by Senator Charles Schumer – issued a report on the development of commercial office space in New York City. Citing estimates that the City's office-based industries could add 300,000 jobs by 2020, the G35 report concluded that the City would need to add 60 million square feet to its existing supply of office space in order to accommodate the projected growth. But to produce new office space on that scale – an average net increase of 3 million square feet annually – the City would need to move aggressively to address a variety of barriers to new development, including zoning constraints, high construction costs and high property taxes.

While the G35's analysis was right on target, its timing was unfortunate. By the time the report was issued, the City's economy was already slipping into recession. The demand for office space was beginning to cool. And in the aftermath of Al Qaeda's attack on the World Trade Center, the issues raised by the Group of 35 seemed far less urgent.