Office demand nosedives in shadow of terrorism. (Industry Data).(Brief Article)(Industry...

After growing rapidly during the last five years, demand for new office space in U.S. metropolitan areas has waned. Employment declines moved from the manufacturing sector throughout the rest of the U.S. economy during the second half of 2001, and were spurred on by the events of Sept. 11. Fewer people working for financial institutions, consultants and insurance and securities brokers means less demand for new office buildings and less need or incentive to renovate Class B and C existing space.

The value of new office work completed through November of 2001 was runnin