Grubb & Ellis report: 15.5 million SF lost.

According to initial statistics released by Grubb & Ellis, approximately 20 percent of the downtown Manhattan office market -- 15.5 million SF of space -- was destroyed in the Sept. 11 terrorist attack on the World Trade Center. At the current time, Grubb & Ellis also believes another 12 million SF of office space has been damaged in the aftermath of the attack as a result of falling debris, building collapse and fires.

Of the 15.5 million SF in the World Trade Center area, about 97% (roughly 15 million SF) was leased at the time of the attack. Of the 12 million SF believed damaged, 11.5 million SF was leased.

As a result, the immediate net loss of commercial office space in the Manhattan market is approximately 27.5 million SF.

The available space in Manhattan at the current time is about 25.5 million SF, according to Grubb & Ellis, although only a small percentage of this available space may be in the large floor plate format like that found in the World Trade Center and surrounding buildings.

An additional 22 million SF of vacant space is immediately available outside Manhattan in northern New Jersey, Nassau County, Long Island, Westchester and Fairfield Counties.

Hotels damaged were the Millenium Hotel at 55 Church St. with 380,542 SF and 3 WTC, the Marriott World TradeHotel.

Office buildings destroyed were:
Bldg             Size    Occupied
1 WTC       4,761,416   4,507,467
2 WTC       4,761,416   4,576,215
1 Lib.P1.   2,121,437   2,081,203
7 WTC       2,000,000   2,000,000
5 WTC         783,520     780,873
4 WTC         576,000     561,491
6 WTC         537,694     537,694
Total      15,541,483  15,044,943
Office buildings damaged were:
2 WFC          2,591,244   2,542,244
3 WFC          2,263,855   2,247,611
1 WFC          1,461,365   1,323,865
1 Bank T. Pl   1,415,086   1,415,086
140 West       1,171,540   1,171,540
90 Church        950,000     950,000
l95 Broadw.      875,000     676,587
22 Cortl.        668,110     555,897
90 West          350,000     335,251
130 Cedar        135,000     124,300
114 Liberty       69,004      69,004
26 Cortland       25,000      25,000
106 Liberty       18,000      18,000
110 Liberty        6,000       6,000
Total         11,999,204  11,460,385