12.4 percent of Lower Manhattan office space remains shuttered: JLL

TRD New York /
Dec.December 11, 2012 06:30 PM

Showing steady signs of progress, 12.4 percent of Office Space Below Canal Street remains closed six weeks after Hurricane Sandy made landfall, according to Jones Lang LaSalle tallies.

Out of 183 Class A and B properties, 15 are still shuttered — accounting for some 12.6 million square feet. The total inventory in the neighborhood ticks in at 101.2 million square feet.

Though properties remain closed to tenants, there has been progress made over the past few weeks. Last week, a total of 17.9 percent — or 18 million square feet across 21 buildings — was still closed. The week prior, 23 buildings were closed. As The Real Deal previously, reported over one fifth of below-Canal Class A and B properties were shuttered in Sandy’s wake.

As previously reported, Mayor Michael Bloomberg remains bullish on waterfront development, but said last week in a speech that areas vulnerable to storm damage must undergo a climate risk assessment before new development begins. — Zachary Kussin


Related Articles

arrow_forward_ios

WeWork is investing again with fundraise for proptech

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

An aerial of 469 President Street, 473 President Street, 514 Union Street (Credit: Google Maps)

Avery Hall Investments buys Gowanus development site for $44M

70 Pine Street and Goldman Sachs chairman Lloyd Blankfein (Credit: Wikipedia and Getty Images)

Goldman Sachs refis Art Deco apartment conversion at 70 Pine with $386M loan

Jonathan Schwartz and Aaron Appel

Aaron Appel leaves JLL to launch own firm

Tom Brady, Gisele home shop in suburbs, North Jersey industrial site sells for $66M & more Tri-State real estate news

HFF brokers hit the ground running at JLL in New Jersey, SALT cap hurts Lower Hudson Valley housing market & more Tri-State real estate news

Albert Laboz of United American Land with 430 West Broadway and 419 Broadway (Credit: Getty Images and rendering via YIMBY)

Laboz family plans 2 office developments
in Soho

arrow_forward_ios