WTC Property Losses Could Reach $10b
Property losses from the World Trade Center (WTC) terrorist attack could reach 10 billion dollars, international real estate services and management firm Jones Lang LaSalle (JLL) said Thursday.
In a press statement, JLL said the estimate covered damage to surrounding buildings, with the total immediate loss of space estimated at 1.35 million square meters in lower Manhattan.
Of this, about one million square meters of space was destroyed and another 200 thousand square meters damaged or declared structurally unsound as a result of fires, falling debris and building collapses.
Another 750 thousand square meters of property in the area sustained some damage and will require repairs, it said.
The WTC was totally destroyed when two hijacked commercial jetliners were crashed by suspected Arab terrorist into its twin towers on September 11, leaving more than 5,000 people dead or missing.
"After last week's loss, the total Manhattan real estate market now stands at 21 million square meters -- still the second largest market in the world after Tokyo -- or 59 percent of the metropolitan New York market," JLL said.
"From the global economic perspective, we predict that the most likely scenario will be back to business with fear and caution," said Jacques Gordon, JLL international director and co-head of global research.
"In particular, we foresee a delay in the US economic recovery of six to nine months, with the third quarter and fourth quarter likely tipping the economy into a short, shallow recession," he added -- SINGAPORE (AFP)
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