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Companies Replacing Office Space Lost office In Lower Manhattan

By a WALL STREET JOURNAL Staff Reporter

October 17, 2001

NEW YORK-Companies have moved nearly four million square feet of their operations and about 14,800 Jobs out of lower Manhattan to newly leased space in New Jersey and Connecticut since Sept. 11 according to a report slated to be re-leased tomorrow.

TenantWise.com Inc., an online commercial real-estate firm, surveyed 187 tenants that had occupied 19.6 million of the nearly 32 million square feet of office space that was either damaged or destroyed in the terrorist attacks last month.

More than 5.5 million square feet of downtown space have been replaced with previously unused space the companies were already leasing-primarily in midtown Manhattan and New Jersey, the report says. TenantWise.com Chief Executive M. Myers Mermel estimates current Manhattan vacancy rates at about 7.4%, down from 8.7% prior to Sept. 11.

Copyright 2001 Dow Jones & Company, Inc. All Rights Reserved.
 

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