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Tall buildings rebound as fear of heights abates; Rising rentals aided by better security.(Special Report: Commercial Real Estate)
Crain's New York Business, May, 2004 by Garmhausen, Steve
Byline: steve garmhausen More than two and a half years after the Sept. 11 terrorist attack, Manhattan's tall buildings are no longer taboo. Three of the city's most prominent skyscrapers-the Empire State, Chrysler and MetLife buildings-have all posted gains in occupancy as fears have receded that terrorists will target such structures.
"I think the paranoia is fading away,'' says James De Luca, a director at Cushman & Wakefield Inc. "People are still cautious, but they are coming out of it.'' The statistics bear out that conclusion. At the MetLife Building, the vacancy rate now stands at 2.3%. While that is still well above the 1.2% rate that prevailed in the third quarter of 2001, it is half the 4.6% peak that was hit just last year. It is also far below...
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