In five pages this paper examines how the commercial real estate market was affected by the terrorist attacks of September 11, 2001. Nine sources are cited in the bibliography.
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of September 11. And indeed, for a few months there will definitely be an economic downturn. But most industry analysts predict that commercial real estate will be back
on its feet again in just a few months - or at least as much as it would have been due to the economy before the September 11 attack.
While there will probably be less inclination for corporate clients to lease office space in tall skyscrapers, the trend had already begun to ease toward lower profile buildings in
outlying areas of the downtown areas. This was before the attack made people stop to think how vulnerable they actually were in the top floor of a skyscraper.
THE VOLATILE COMMMERCIAL REAL ESTATE MARKETS AFTER SEPTEMBER 11. The terrible events that unfolded on September 11, the day the terrorist attacks toppled the World Trade Center buildings in New
York City, has not surprisingly nearly toppled the commercial real estate markets as well. While one would think that there would be a mad rush to go find additional
office space, and even that there might be some price gouging going on, that just isnt the case. In an interesting article in Money Magazine, author Adiga Adiga (2001,
p. 84) reports that between both the attacks on the Twin Towers and the Pentagon, the property losses "will run into the billions. For commercial and residential real estate
nationwide", it is said that the economic growth is the key. "A recession will increase vacancies, depress rents and slow home sales, despite low interest rates. When the
economy picks up steam, however, real estate will follow soon after" (Adiga, 84, 2001). Approximately 30 million square feet of office space in downtown Manhattan "was damaged or destroyed" (Adiga,