{"id":1004049429,"date":"2012-11-02T12:46:43","date_gmt":"2012-11-02T20:46:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004049429"},"modified":"2022-12-01T08:52:55","modified_gmt":"2022-12-01T16:52:55","slug":"sandy-hits-cre-via-power-outages-flooding","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sandy-hits-cre-via-power-outages-flooding\/","title":{"rendered":"Sandy Hits CRE via Power Outages, Flooding"},"content":{"rendered":"

By Anna Spiewak, News Editor<\/em><\/p>\n

\"\"<\/a>

Courtesy of Creative Commons Flickr User WarmSleepy<\/p><\/div>\n

Hurricane Sandy may have visited the tri-state area for only a span of one day, but the aftermath of damage cleanup will last for weeks, according to some.<\/p>\n

The biggest natural disaster to hit the East Coast, coined by journalists as \u2018Frankenstorm\u2019 is estimated to have caused the economy up to $50 billion, almost double than what was initially estimated, according to various news sources.<\/p>\n

Nevertheless, the storm\u2019s impact on commercial properties per se is said to have been \u201climited to canopies, facades and roofs,\u201d for the most part, not counting properties in Staten Island, which have not been estimated yet, according to Jason Lail, manager of Real Estate Research at SNL Financial L.C.<\/p>\n

In New York City specifically, most major post-hurricane impact involved loss of power and major flooding, causing water damage to commercial real estate primarily below 34th<\/sup> Street, according to the Real Estate Board of New York<\/p>\n

\u201cOwners are still assessing the damage caused, while at the same time, taking steps to get\u00a0their buildings back on-line,\u201d said Steven Spinola, president of the Real Estate Board of New York.\u00a0\u201cEarly indications are that newer construction \u2013 both commercial and residential \u2013 is in a better position\u00a0to handle the adverse consequences that historic weather events, like Sandy, can create.\u201d<\/p>\n

Commercial giant SL Green, who holds just about all of its office assets in the New York metropolitan area, mentioned that one property incurred heavy flooding, and that that the remainder of properties sustained minimal damage. The company also mentions four other assets in the area as being without power as of a couple days ago.<\/p>\n

Another commercial heavyweight CBRE, which has \u201cdouble-figure\u201d amount of office properties in the greater New York region that it manages, said that its corporate offices remained closed for the first two days of the storm storm, during which time its employees worked mobile.<\/p>\n

\u201cWe\u2019ve been working with all of our clients to get their facilities up to speed. We have a very strong business continuity management culture for our own operations and for working with our clients,\u201d said Robert McGrath, sr. director of CBRE Corporate Communications. \u201cWhat our folks are doing in each of the facilities is working as\u00a0 if there were still water there, getting that out, then assessing what needs to be done so that each facility can operate first safely, and then look at the efficiency.\u201d<\/p>\n

Jones Lang LaSalle saw some positive results of the storm on its hospitality sector, expecting short-term drop in travel to hotels in the storm path, activities related to clean-up efforts and infrastructure recovery to lead to incremental demand for hotel accommodations that would otherwise not have been seen.<\/p>\n

\u201cResidents whose homes were destroyed or damaged will seek accommodation in extended-stay hotels, which will generate demand for these hotel owners,\u201d said JLL in a statement release.<\/p>\n

As far as JLL\u2019s retail sector, in addition to property damage, \u00a0the \u2018superstorm\u2019 is stalling about 70 percent of East Coast\u2019s oil refineries, putting upward pressure on gasoline prices that could impact consumers over the next month or so, as people are gearing up for the holiday season.<\/p>\n

\u201cStore closures mean lost wages and sales, which will have a short-term hit to commerce that reverberates throughout the region,\u201d according to JLL.<\/p>\n

Cushman & Wakefield did not return phone calls for this story.<\/p>\n

\u201cIn the long run, this should not have a significant impact on the industry as a whole, but I won\u2019t really have more details from specific companies until those that own assets in areas of exposure disclose what damage they incurred from the storm,\u201d Lail of SNL Financial added.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Anna Spiewak, News Editor: Hurricane Sandy may have visited the tri-state area for only a span of one day, but the aftermath of damage cleanup will last for weeks, according to some.<\/p>\n","protected":false},"author":952,"featured_media":1004049431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37774,37775,21751,11,21742,21747,37776,37777,21749,37778],"tags":[],"class_list":["post-1004049429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-dividend-yield","category-rc-forward-affo-payout-ratios","category-hotel","category-midatlantic","category-latest","category-office","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-retail","category-rc-total-return"],"acf":[],"yoast_head":"\nSandy Hits CRE via Power Outages, Flooding - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sandy-hits-cre-via-power-outages-flooding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sandy Hits CRE via Power Outages, Flooding\" \/>\n<meta property=\"og:description\" content=\"By Anna Spiewak, News Editor: Hurricane Sandy may have visited the tri-state area for only a span of one day, but the aftermath of damage cleanup will last for weeks, according to some.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sandy-hits-cre-via-power-outages-flooding\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-11-02T20:46:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-01T16:52:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/11\/8143654219_ffd15b4bdc_z.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"427\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sandy-hits-cre-via-power-outages-flooding\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sandy-hits-cre-via-power-outages-flooding\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"Sandy Hits CRE via Power Outages, Flooding\",\"datePublished\":\"2012-11-02T20:46:43+00:00\",\"dateModified\":\"2022-12-01T16:52:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sandy-hits-cre-via-power-outages-flooding\\\/\"},\"wordCount\":632,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sandy-hits-cre-via-power-outages-flooding\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/11\\\/8143654219_ffd15b4bdc_z.jpg\",\"articleSection\":[\"Dividend Yield\",\"Forward AFFO Payout Ratios\",\"Hotel\",\"Mid-Atlantic\",\"News\",\"Office\",\"Premium\\\/Discount to NAV\",\"Price\\\/LTM FFO\",\"Retail\",\"Total Return\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sandy-hits-cre-via-power-outages-flooding\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sandy-hits-cre-via-power-outages-flooding\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sandy-hits-cre-via-power-outages-flooding\\\/\",\"name\":\"Sandy Hits CRE via Power Outages, Flooding - 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