September 21, 2001—According to real estate firm Grubb & Ellis, approximately 20 percent of the downtown Manhattan office market—15.5 million square feet of space—was destroyed in the September 11th terrorist attack on New York City’s World Trade Center. Falling debris and fires have damaged millions more square feet in the aftermath of the attack.
The firm reports that about 97 percent of the space was leased at the time of the attack.
Several partnerships have already been formed to help businesses relocate their offices.
Grubb & Ellis has made all of its real estate listings available to city and state officials in order to provide relocation alternatives and counsel to companies in need of immediate space. The firm has also made emergency space available to the Real Estate Board of New York in its midtown offices to assist in the relief efforts.
In addition, CoStar Group, a national commercial real estate information provider, is offering New York City businesses access to its extensive database of New York area leasing brokers and available office properties in New York City. This assistance is being coordinated with the state’s 800/ILOVENY hotline. Phone lines will operate Monday through Friday, 8 a.m. to 7 p.m., and Saturday and Sunday, 10 a.m. to 3 p.m.
To access the databases, users should visit the Empire State Development Web site.
For more information, contact Empire State Development at 800/ILOVENY, or the New York City Partnership at 718/403-2220.
