Property losses from the World Trade Center (WTC) terrorist attack could reach $10 billion, international real estate services and management firm Jones Lang LaSalle (JLL) said Thursday, September 20.
In a press statement, JLL said the estimate covered damage to surrounding buildings, with the total immediate loss of space estimated at 15 million square feet (1.35 million square meters) in lower Manhattan.
Of this, about 12.7 million square feet of space was destroyed and another 2.3 million square feet damaged or declared structurally unsound as a result of fires, falling debris and building collapses. Another 10.7 million square feet 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 328 million square feet — 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. ― (AFP, Singapore)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
