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The impacts and implications of the 9/11
terrorism attacks on the commercial real estate market are
continuing to be debated throughout the industry, although somewhat
less in than in the first few months following the attacks in New
York City. Although
the initial post 9/11 predictions were for drastic effects on the
high rise office markets for major US metro areas, recent
studies are suggesting far milder impacts than initially
anticipated.
For
example, a recent survey by E&Y found that even after 9/11
global expansion plans are proceeding for many major companies.
Also, the widely anticipated 9/11 spurred geographic “diffusion”
of corporate functions, personnel and real estate assets away from
US central city locations are essentially not happening.
There are areas of concern still being
voiced, however, at conferences and in various studies relative to the
implications of 9/11. One area of concern to corporate real estate
executives is a higher sense of threat associated with occupancy in
the “higher profile” office towers in major cities such as
Chicago, San Francisco, Los Angles and New York.
Other areas of
continued concern involve corporate continuity in the wake of
potential new terrorist
attack. Issues related to key systems redundancy,
survivability and increased use of threat reduction strategies
regarding corporate
operations, real estate assets and
personnel continue to be of prime concern.
There are also increased regulatory impacts
resulting from 9/11, as
several federal agencies, such as the
U.S. Securities and Exchange Commission, have begun promulgating
guidelines and standards regarding the provision of corporate
redundancy for key operations within the financial sector.
The following
references and sources provide further information on
the impacts and implications of
9/11 and the continued war on terrorism, relative to the
commercial real estate market in the U.S. and other major cities
worldwide.
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