Recovering from Sandy: Downtown Manhattan Timeline
- Dec 17, 2012
The mega-storm known as Sandy brought drastic, if temporary, changes to the Downtown Manhattan office market. In one of the nation’s biggest central business districts, nearly 30 million square feet of inventory were knocked out of commission overnight—more than one-third of the submarket’s total, according to a study by Cushman & Wakefield Inc.
Jonathan Mazur, director of New York City research for the firm, speculated in late November that more than half of the affected properties will be back online by the beginning of the year.
Nevertheless, flood damage will keep other buildings out of service well into 2013. A few weeks after the storm, Cushman & Wakefield projected the recovery times for Lower Manhattan’s affected office properties:
For more analysis of the impact Hurricane Sandy had on commercial real estate and changes that could be made to better withstand future such storms, view the Special Report: When Disaster Strikes in the January 2013 edition of Commercial Property Executive.