12.4 percent of Lower Manhattan office space remains shuttered: JLL

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
Brookfield Properties' Callie Haines (iStock, Brookfield Properties)
Hedge funds, investment firms rare bright spot for office leasing
Hedge funds, investment firms rare bright spot for office leasing
Ron Perelman with 35 East 62nd Street and 41 East 62nd Street (Getty, Google Maps)
Ron Perelman’s former Lenox Hill offices hit market for $160M
Ron Perelman’s former Lenox Hill offices hit market for $160M
v
Rising interest rates weighing on Vornado’s earnings, Steve Roth says
Rising interest rates weighing on Vornado’s earnings, Steve Roth says
Tiffany and Co's Anthony Ledru with 200 Fifth Avenue (Tiffany & Co, Loopnet, iStock)
Tiffany & Co. trims HQ office lease
Tiffany & Co. trims HQ office lease
HNA Group’s Guoqing Chen and 245 Park Avenue (Loopnet)
Hedge fund moving to HNA’s 245 Park
Hedge fund moving to HNA’s 245 Park
825 Third Avenue in Manhattan in NYC with Durst Organization financial associate Lucas Durst (LinkedIn, 825 Third Avenue)
Durst scores $100M loan for 825 Third
Durst scores $100M loan for 825 Third
601 Lexington Avenue and Citadel’s Ken Griffin (Wikipedia, Citadel)
Billion-dollar refi reveals what tenants pay at 601 Lex
Billion-dollar refi reveals what tenants pay at 601 Lex
SL Green’s Marc Holliday with One Vanderbilt tower (SL Green Realty Corporation)
One Vanderbilt lease at $300+ psf may be city’s highest office rent ever
One Vanderbilt lease at $300+ psf may be city’s highest office rent ever
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...