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RER Says Development Losses Total $10.5B

WASHINGTON, DC-A recent survey conducted by the Real Estate Roundtable reveals the monetary losses incurred in commercial real estate since September 11 have increased from the previously estimated $8.5 billion to about $10.5 billion, a number expected to further increase with the absence of terrorism insurance legislation.

By Barbra Murray | Updated on September 06, 2002

WASHINGTON, DC-The Real Estate Roundtable has released a survey indicating that the detrimental monetary effect on commercial real estate developments as a result of the absence of federal terrorism insurance legislation has jumped to $10.5 billion, from a previous estimate of about $8.5 billion, since last year’s terrorist attacks. Results of the survey also indicate that the effected areas have extended beyond the top metropolitan areas to about 13 major cities, and that the office market has suffered three times as much as the retail and multi-family sectors.

“Given the huge economic cost of delayed or cancelled real estate projects–for our industry, for the hundreds of thousands of workers whose jobs are on the line, for local communities that may lose out on millions of dollars in tax revenue–the need for a federal backstop on terrorism insurance coverage is more important than ever,” says RER chairman Nelson C. Rising.

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