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Politics : Bush-The Mastermind behind 9/11?
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To: Raymond Duray who wrote (9235)12/15/2004 9:23:50 AM
From: Don Earl  Read Replies (1) of 20039
 
Ray,

Going back to the Bloomberg article you posted awhile back, this quote has been bugging me ever since:

"The developer said before the trial it would cost about $7.5 billion to replace all 10 million square feet of offices lost in the Sept. 11 attack."

Aside from my understanding there is no intention to replace the entire 10 million square feet, that would work out to $750 per square foot in construction costs. For residential construction, a quick ballpark estimate is around $100 per square foot for rough figuring purposes. Is $750 per square foot to construct commercial office space realistic?

If I'm not mistaken, most office space rents for an average of around $30 per foot, per year, although prime space can be quite a bit higher. If half the space is taken up with hallways, elevators, etc., even at $50 rent per foot, it would take 30 years just to break even at $750 per foot to build. The number sounds high to me by a factor of at least four, but I admit it's not an area I'm overly familiar with. Comments?
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