This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

The State of World Trade Center Real Estate

NEW YORK ( TheStreet) - A decade after the Sept. 11, 2001 terrorist attacks, the opening of the new One World Trade Center is poised to once again alter the landscape of New York City's Financial District, but in many ways the real estate changes have already taken shape.

Lower Manhattan is a much livelier and more prolific area of the city than it was a decade ago, and is no longer known only for Wall Street and its financial tenants, thanks in part to $30 billion of private and public investment. A number of varied industries have moved their headquarters to the southern reaches of the island, from media and nonprofit organizations to information technology and law firms. Notable among them: publisher Condé Nast, which recently finalized its agreement with the Port Authority to lease more than one million square feet of office at One World Trade Center, moving its headquarters from Midtown.

The new skyscraper, with around 2.6 million square feet of office space, will also house offices of New York State -- around half a million square feet, with the option to lease another half million. A number of large downtown tenants have opted to leave Lower Manhattan however, such as Fidelity Investments, headed for Jersey City, N.J. in 2012, accounting firm Deloitte & Touche, bound for Rockefeller Center from the World Financial Center a year later, and Japanese bank Nomura, also headed for Midtown. The Federal Deposit Insurance Corporation (FDIC) relocated to the Empire State Building in 2010.

View More 9/11 Coverage

There are some concerns about these large firms' recent and upcoming departures, and the inventory of office space they will leave behind. "The biggest worry is that once One World Trade Center goes on line the area will have a lot of available commercial space for rent, and the concern will be trying to fill that up," Ron Lagnado, a partner in the Real Estate Services Group at WeiserMazars, told TheStreet.

More than 750 companies, and 650,000 jobs, left Lower Manhattan in the first two years following Sept. 11, though the area below Chambers Street made a remarkable comeback and has just 4% fewer workers and about 130 more companies now than it did a decade ago, according to a recent Alliance for Downtown New York report.

"The neighborhood's diversification makes it more attractive," Lagnado said. With financials, publishing and other big industries operating side by side, "it's now a true cross section of what New York City is all about, and that can only help the neighborhood."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $128.75 -0.47%
TIF $86.94 -2.20%
WFM $55.04 -0.88%
WAG $81.65 2.05%
FB $79.99 0.49%

Markets

DOW 18,048.67 -154.70 -0.85%
S&P 500 2,091.66 -16.12 -0.76%
NASDAQ 4,945.8970 -34.0040 -0.68%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs