This paper discusses the New York's real estate market,
an economic commodity, influenced by the September 11 2001 terrorist attacks, the downturn in the financial market and the crash in the technology industry.
Written in 2002; 760 words; 4 sources; MLA; $ 27.95
Paper Summary:
The paper discusses that the general consensus is the New York's real estate market is on its way down and has a way to go before it picks up again. The author points out that companies are subleasing temporarily and, as vacancy rates climb higher and absorption rates drop, there will be unprecedented opportunities in the New York office market. This paper includes a Supply and Demand Graph.
Table of Contents
After the Summer Slump
Pent-Up Demand and Brakes on Supply
Still Committed to N.Y.
Unprecedented Opportunities
From the Paper:
"The attacks occurred right after Labor Day, bringing a rush of sublease space to the already increasing market. Both companies that had planned to sublease office space prior to Sept. 11 and those who were on the fence about it moved quickly. As a result, New York City's commercial real estate market tightened. The flood of available space came on at a rate of three to one. For every seven million square feet of space that was absorbed, 21 million square feet of new space came on the market."
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