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.
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