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