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NYC Commercial Real Estate in a State of Flux

Camworld pointed out an excellent article from Sunday's New York Times that reports on the state of the commercial real estate market in New York City. According to the article:

The attacks on the World Trade Center removed 13.4 million square feet of office space for at least several years and temporarily rendered an additional 12.1 million square feet unusable.

But rather than causing the market to tighten, as might have been expected when 25 percent of the downtown submarket suddenly vanished, the attack released a flood of sublet space, as if by magic. According to a report by Grubb & Ellis, the brokerage and services company, 10.1 million square feet was offered for sublet in the three months after the attack, as companies that had been holding excess space put it on the market in hopes of attracting tenants who had been displaced from downtown buildings.

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