In a press conference yesterday afternoon, Mosler stressed his belief that while client needs must and will be met, building owners are not about to take unfair advantage of prospective tenants who may have only narrowly escaped tragedy. "The average weighted cost of class A space is approximately $65 per sf," Mosler says. "I don't think you'll see a drop. But you will not see price gouging by landlords. You will see people reach out to help one another."

Mosler estimated "11 to 12 million sf were destroyed" in the World Trade Center attacks, not including collateral damage that may not be calculated for weeks or months. He added, "it would be erroneous to state how much" the eventual damage assessment will be.

As to where tenants will find space, Mosler said there is roughly 14 million sf of available space throughout the city in all classes. Approximately 9 million sf of that space is on the sublet market. Of course, clients' needs vary greatly and those requiring large blocks of space will have the roughest time. Some, he says, will turn to sublets, either temporarily or on a long-term basis. Others may have been protecting pockets of space and will backfill.