Press enter

New York commercial property sector will recovery from Sandy, says expert | 15 November 2012

The commercial property market in New York will eventually bounce back after a devastating month caused by Hurricane Sandy, reports propertymentorgroup.com.

Peter Hauspurg, chairman and chief executive officer of investment sales brokerage Eastern Consolidated, believes that New York will recover, just as it has done from prior disasters.

Speaking as part of a panel at the Bloomberg Commercial Real Estate Conference in New York, he said he believes activities in the market hurt by Sandy will be back to normal within a year. In addition, he added that New York City has been considered as the real estate ‘Treasury bill of the world’.

However, Sandy hasn’t slowed interest among budding tenants in the financial district, because its energy-efficient space and mass-transit connections make it one of the most accessible parts of the city.

“As bad as Sandy is,” says Hausperg, cited by businessweek.com, “I believe, in a year, we will be back to normal.”

It’s not just the commercial property sector that has been hit hard by Hurricane Sandy. The storm kept many shoppers away from store tills during October as figures show sales were down by the sharpest amount since June.

Statistics from the US Commerce Department show retail sales dropped 0.3 per cent overall while auto dealers were hit especially hard, falling victim to a 1.5 per cent drop.

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

Share this story
Posted by Matt Roobol

More News

Qube Global Software customers shortlisted at ARMA ACE Awards | 6 June 2017

We are proud to announce that a number of our customers have been shortlisted at the prestigious ARMA ACE Awards.

Just 5% of property businesses consider themselves technologically advanced | 1 February 2017

Research by Qube Global Software reveals that only a tiny proportion of the UK’s leading property and facilities management companies believe they are harnessing technology successfully.

Property software giant invests in PropTech pioneer | 11 January 2017

Qube Global Software and Engage enter joint venture in boost to Build to Rent Sector.

This website uses cookies. By continuing to browse this website you are agreeing to our use of cookies. Please see our cookie policy for more details. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close

This website uses cookies. By continuing to browse this website you are agreeing to our use of cookies. Please see our cookie policy for more details. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close