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Tighter Security May Mean Higher Insurance Rates

BOSTON-In response to Tuesday's terror attacks in New York and Washington DC, area buildings have tightened security measures. There is speculation that commercial property insurance rates will be raised to offset these costs.

By Naomi Grossman | Updated on September 15, 2001

BOSTON-Property managers and building developers here have tightened security measures around buildings in this city in the wake of the recent terror attacks on New York and Washington D.C.

“There are increased security measures around all buildings,” Michael Quinn, a senior vice president at Meredith & Grew and president-elect of the Building Owners and Managers Association, a division of the Greater Boston Real Estate Board, tells GlobeSt.com. “The areas of real concern are the loading docks and the garages.” The tighter security involves additional security measures and use of card access to enter the buildings. In one day, notes Quinn, three major buildings in the area were evacuated–100 Federal St., One International Place and One Financial Center–because of bomb threats. “They used to evacuate just around the specific locations and people would sit tight but now it’s difficult to make that recommendation.” Quinn adds that tenants will be looking for more secure buildings. “It’s difficult to prevent anything that is happening but you want to make people feel safe.”

According to David Martel, senior vice president at Spaulding & Slye Colliers, the focus on security is not limited to the larger structures but is also filtering down to the low-rise buildings. “Everybody is very conscious of security,” he tells GlobeSt.com. “I think the real estate industry recognizes that the world has changed. It is not only to make tenants feel comfortable but also to protect their assets. It makes sense to respond with updated security measures.”

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