X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Cushman & Wakefield president Bruce Mosler says his firm is working on behalf of “dozens” of clients to locate “several million” sf of space lost in the rubble of the World Trade Center.

In a press conference yesterday afternoon, Mosler stressed his belief that while client needs must and will be met, building owners are not about to take unfair advantage of prospective tenants who may have only narrowly escaped tragedy. “The average weighted cost of class A space is approximately $65 per sf,” Mosler says. “I don’t think you’ll see a drop. But you will not see price gouging by landlords. You will see people reach out to help one another.”

Mosler estimated “11 to 12 million sf were destroyed” in the World Trade Center attacks, not including collateral damage that may not be calculated for weeks or months. He added, “it would be erroneous to state how much” the eventual damage assessment will be.

As to where tenants will find space, Mosler said there is roughly 14 million sf of available space throughout the city in all classes. Approximately 9 million sf of that space is on the sublet market. Of course, clients’ needs vary greatly and those requiring large blocks of space will have the roughest time. Some, he says, will turn to sublets, either temporarily or on a long-term basis. Others may have been protecting pockets of space and will backfill.

While Mosler “can’t say off the top of my head” how many C&W clients are looking for sizeable chunks of space, he says that at least some of the deals he is looking for are going to be big. “Suffice it to say we’re looking for several million sf.”

Lower Manhattan, Mosler says, remains bowed but unbroken. “Downtown will rebound,” he says. “The next few weeks will be difficult but it will be a viable submarket.” Asked about the future of the planned $1-billion headquarters for the New York Stock Exchange, Mosler takes a fatalistic attitude. “As for the viability of the stock exchange, it’s too early to tell, but I believe that if it was going to go forward it will continue to go forward.”

Does he think companies will shy away from Manhattan or skyscraper offices in the future? “I absolutely do not. New Yorkers have tremendous resolve. When this type of dastardly attack happens, we show that resolve. New York is still the financial capital of the world and it will remain so.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.