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Analyzing the period before September 11, we can already observe a decrease in demand. As a source of that we might see a growth of dot-com companies in the second half of 1990s which enabled companies to grow without need for a larger amount of space. Moreover there was a program created by New Jersey and based on refunding portion of state taxes (Business Employee Incentive Program,BEIP) to lure companies to locate in the area, what also caused the demand for Manhattan’s office space to decrease (A.G.Hevesi, 2001) .
The demand did not increase after the attack. Although many companies lost their offices it occurred that most of them also had some other space on Manhattan or in the area adjusted to it and they were reluctant to rent additional space at that time...
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