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

New York /
Dec.December 20, 2012 03:00 PM

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


Related Articles

arrow_forward_ios
241 Water Street (Avison Young, Getty)
Blue Man Group’s Seaport school building hits market for $28M
Blue Man Group’s Seaport school building hits market for $28M
Douglas Durst with 214 Front Street and 213-217 Front Street (Getty, Google Maps)
Durst eyes rare sale in Seaport district
Durst eyes rare sale in Seaport district
One Vanderbilt SL Green’s Marc Holliday, Brookfield Properties’ Brian Kingston (Loopnet, Brookfield, SL Green, Getty)
Manhattan notches premium office deal record for 2022
Manhattan notches premium office deal record for 2022
How CRE brokerages are responding to i-sales slowdown
How CRE brokerages are responding to i-sales slowdown
How CRE brokerages are responding to i-sales slowdown
From left: Adam Altman, Martin Nussbaum, Brian Cooper, Joe Koicim
Photos: Inside Slate Property Group’s holiday party at Casa Cipriani
Photos: Inside Slate Property Group’s holiday party at Casa Cipriani
JLL Income's Allan Swaringen
JLL really wants to be a single-family megalandlord
JLL really wants to be a single-family megalandlord
JLL’s Bob Knakal and Jonathan Hageman with 245 West 55th Street (JLL, LoopNet)
Oscar-winning film lab selling Midtown property after 100 years
Oscar-winning film lab selling Midtown property after 100 years
(Illustration by The Real Deal with Getty)
Northeast industrial market still breaking records, but may have peaked
Northeast industrial market still breaking records, but may have peaked
arrow_forward_ios

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

Loading...