Represents Twenty Percent of Downtown
Manhattan Office Market
NEW YORK - Sept. 13, 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.
It is estimated that more than 81,000 workers have been displaced as
a result of the loss or damage of 27.5 million square feet of office space
in Lower Manhattan, following Tuesday's terrorist attack on the World Trade
Center.
This estimate is based on an industry accepted corporate planning formula
of three employees per 1,000 square feet of office space. |
Hotels Destroyed/Damaged
Millennium Hilton
55 Church Street
New York, NY
Guest rooms: 561
Year Built: 1991
Marriott World Trade Center
Three World Trade Center
New York, NY
Guest Rooms: 818
Year Built: 1981
|
Estimated Damage to World Trade Center
and Surrounding Office Market
Office Buildings Destroyed
|
Bldg
|
Size
|
Occupied
|
Status
|
| 1 WTC |
4,761,416 |
4,507,467 |
Destroyed |
| 2 WTC |
4,761,416 |
4,576,215 |
Destroyed |
| 1 Liberty Plaza |
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 |
|
15,541,483 |
15,044,943 |
|
Office Buildings Damaged
|
Bldg
|
Size
|
Occupied
|
Status
|
| 2 WFS |
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 Bankers Trust Plaza |
1,415,365 |
1,323,865 |
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 Cortlandt |
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 Cortlandt |
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 |
|
11,999,204 |
11,460,385 |
|
Hotels Destroyed / Damaged
| 55 Church / Millennium Hotel |
. |
380,542 |
Across Street - East, Likely Destroyed |
| 3 WTC / Marriot World Trade Hotel |
. |
. |
Destroyed |
|