|Trade Center Disaster Leaves Businesses Homeless|
|Subject||Market for land|
|Key Words||Space, price gouging, property market|
The destruction of 1, 2, and 7 World Trade Center has left many businesses looking for office space. Experts expect that, including collateral damage to other buildings, nearly 20 percent of downtown Manhattan's 95 million square feet of commercial space will be out of commission. There may well be a shortage of space, particularly as some businesses wish to stay in lower Manhattan in order to send a message that the goal of the attack will not be achieved. However, no price gouging is being reported in the property market.
Other options include taking up space elsewhere in the city, such as
Brooklyn or Long Island, or moving out to places in New Jersey or Connecticut.
In spite of being competitors in some cases, there are cases of firms
are reaching out to offer temporary space to displaced businesses. Finally,
some companies, such as Lehman Bros., are having certain employees work
(Updated October 1, 2001)
|Source||Theresa Howard, "20% of office space may be gone," USA Today, September 14, 2001.|
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