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

Sept. 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 Status1 WTC4,761,4164,507,467Destroyed2 WTC4,761,4164,576,215Destroyed1 Liberty Plza2,121,4372,081,203Partial Collapse7 WTC2,000,0002,000,000Destroyed5 WTC783,520780,873Destroyed4 WTC576,000561,491Destroyed6 WTC537,694537,694DestroyedTotals15,541,48315,044,943 Office Buildings Damaged Bldg Size (Square Feet)Occupied Location2 WFC2,591,2442,542,244Across Street - West3 WFC 2,263,855 2,247,611Across Street - West1 WFC1,461,3651,323,865Across Street - Southwest1 Bank T. Plza.1,415,0861,415,086Across Street South140 West 1,171,5401,171,540Across Street - North90 Church950,000950,000Across Street - North195 Broadway
875,000 676,587 Across Street - East, Blocked by Millenium Hotel22 Cortland
668,110 555,897 Across Street - East90 West
350,000 335,251 Across Street - South130 Cedar
135,000 124,300 Across Street - South114 Liberty
69,004 69,004 Across Street - South26 Cortland
25,000 25,000 Across Street - East106 Liberty
18,000 18,000 Across Street - South110 Liberty
6,0006,000 Across Street - SouthTotals11,999,204
Hotels Damaged 55 Church/Millennium Hotel 380,542 AcrossStreet - East, Likely Destroyed3 WTC/Marriot World Trade Hotel DestroyedSource: Grubb & Ellis

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