Eight weeks after Sandy, 11 percent of Lower Manhattan office space closed: JLL

December 20, 2012 03:00PM

Lower Manhattan commercial real estate is rebounding steadily after Hurricane Sandy, with only 11 percent of office space remaining closed about eight weeks after the storm, according to the latest Jones Lang LaSalle tallies.

Out of the 183 Class A and B buildings surveyed, only six are expected to remain out of operation through the end of the year. This represents a significant improvement from the week after the storm, when 49 buildings—or 26.8 percent of the buildings surveyed—were out of commission. Most of the affected buildings were located east of Broadway, the data show.

The previous Jones Lang Lasalle survey, published on Dec. 11, found that 12.4 percent of the buildings below Canal Street were still shuttered.

The total inventory in the neighborhood ticks in at 101.2 million square feet. As previously reported, getting an accurate assessment of Lower Manhattan office space damage has been made difficult by major landlords declining to answer questions regarding the status of their properties.—Hiten Samtani