27.5 million square feet of Commercial Office Space Believed Destroyed or Damaged in Lower Manhattan

09/15/2001 |

Represents Twenty Percent of Downtown Manhattan Office Market

September 14, 2001 -- According to initial statistics released today by Grubb & Ellis, approximately 20 percent of the downtown Manhattan office market -- 15.5 million square feet of space -- was destroyed in Tuesday's terrorist attack on the World Trade Center. At the current time, Grubb & Ellis also believes another 12 million square feet of office space has been damaged in the aftermath of the attack as a result of falling debris, building collapse and fires.

Of the 15.5 million square feet in the World Trade Center area, about 97% (roughly 15 million square feet) was leased at the time of the attack. Of the 12 million square feet believed damaged, 11.5 million square feet was leased.

As a result, the immediate net loss of commercial office space in the Manhattan market is approximately 27.5 million square feet.

The available space in Manhattan at the current time is about 25.5 million square feet, according to Grubb & Ellis, although only a small percentage of this available space may be in the large floor plate format like that found in the World Trade Center and surrounding buildings.

An additional 22 million square feet of vacant space is immediately available outside Manhattan in northern New Jersey, Nassau County, Long Island, Westchester and Fairfield Counties.

Office Buildings Destroyed
Bldg Size (Square Feet) Occupied Status
1 WTC 4,761,416 4,507,467 Destroyed
2 WTC 4,761,416 4,576,215 Destroyed
1 Liberty Plza 2,121,437 2,081,203 Partial Collapse
7 WTC 2,000,000 2,000,000 Destroyed
5 WTC 783,520 780,873 Destroyed
4 WTC 576,000 561,491 Destroyed
6 WTC 537,694 537,694 Destroyed
Totals 15,541,483 15,044,943
Office Buildings Damaged
Bldg Size (Square Feet) Occupied Location
2 WFC 2,591,244 2,542,244 Across Street - West
3 WFC 2,263,855 2,247,611 Across Street - West
1 WFC 1,461,365 1,323,865 Across Street - Southwest
1 Bank T. Plza. 1,415,086 1,415,086 Across Street South
140 West 1,171,540 1,171,540 Across Street - North
90 Church 950,000 950,000 Across Street - North
195 Broadway
875,000 676,587 Across Street - East, Blocked by Millenium Hotel
22 Cortland
668,110 555,897 Across Street - East
90 West
350,000 335,251 Across Street - South
130 Cedar
135,000 124,300 Across Street - South
114 Liberty
69,004 69,004 Across Street - South
26 Cortland
25,000 25,000 Across Street - East
106 Liberty
18,000 18,000 Across Street - South
110 Liberty
6,000 6,000 Across Street - South

Totals

11,999,204
11,460,385
Hotels Damaged
55 Church/Millennium Hotel 380,542 AcrossStreet - East, Likely Destroyed
3 WTC/Marriot World Trade Hotel Destroyed

Source: Grubb & Ellis


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