WTC site damage assessment map, Sept 21, 2001

NYC 9/11 Public Portal Document

Table 3-8

Private Sector Employment and Wages by Industry Below 14"' Street and the in the Vicinity of the World Trade Center Fiscal Year 2000 Below 14“ Street 7> V^G Vicinity'.

Industry Employment Wage Share Employment Wage Share Share Share FIRE 33.8% 65.5% 57.8% 82.4% Financial 26.6% 5^)% 49.4% 7777% Securities 19.9% 493% 3471% 604% Insurance/Real 7.2% ■57^ ■477^ Estate Services 38.3% 22.3% 26.0% 12.0% Other 27:9% 12.2% 16.2% 5.6% Industries TOTAL 100.0% 100.0% 100.0% 100.0% PRIVATE

The New York real estate and office market was affected by the WTC disaster as itemized by the report developed by the New York City Partnership and the Chamber of Commerce titled, Economic Impact Analysis ofthe September if' Attack on New York, which is incorporated by reference. The total immediate loss is approximately 15 million square feet (sf) of property in lower Manhattan with approximately 1*2.7 million sf destroyed and 2.3 million sf damaged or declared structurally unsound as a result of fire, falling debris and building collapse (Tycoon Village 2001). More than 10.7 million sf of property sustained damage and of that total, 5 million sf will be taken out of the real estate market for at least one year for extensive repairs and reconstmction and 5.7 million sf should he ready for occupancy in less than 12 months (Tycoon Village 2001).

Jones Lang LaSalle (JLL), a real estate services and investment firm, estimated the impact of the WTC disaster on New York City’s real estate market. Preliminary findings were that the direct loss attributable to real estate alone could range up to $10 billion, which includes total damage to the WTC and surrounding buildings. In Manhattan, the immediate reduction of commercial office space is approximately 25 million sf, with the net loss over the next year estimated to be over 20 million sf (JLL 2001), representing approximately 18 percent of the downtown office market. Prior to the disaster, Manhattan had approximately 26 million sf, or 7.5 percent, of vacant space for lease or sublease. After the WTC disaster, the total Manhattan real estate market is 328 million sf, the second largest office market in the world, following Tokyo (JLL 2001).

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