Displaced NY Companies Search for Office Space

September 17, 2001

Tuesday’s tragedy wiped out 20 percent of downtown New York’s Office space, and an even larger number of technologically sophisticated facilities, leaving displaced companies scrambling to find temporary quarters in order to resume their operations.

Until they can begin operating again, the amounts of claims and losses from business interruption will continue to mount. While space elsewhere in the city is at a premium, and rates are expected to rise. Offers of available office space elsewhere have been pouring in, from Westchester County, New Jersey, and as far away as Uniontown PA, south of Pittsburgh..

The Ulster County Development Corp.(UCDC) in the Hudson Valley posted an offer on its website in partnership with the Empire State Development Corp. of prime space available, much of it in the former IBM Kingston facilities, which have been taken over by the UCDC as “TechCity,” and are located 90 miles north of the city just off the new York State Thruway. (http://www.empire.state.ny.us)

People need to be able to get back to work as quickly as possible. There’s a strong psychological need to reestablish normal portions of life in order to begin recovering from such a tragedy. Economically the heart of the U.S. financial establishment has been severely wounded, and needs to revive. More specifically for New York City, it needs to reassure companies that the downtown area can be rebuilt, and offers advantages not available elsewhere, in order to avoid the definitive loss of a number of enterprises the city needs to remain America’s vital financial center.

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