Search
 

GlobeSt.com EXCLUSIVE: Security Concerns Still Top Priority

PHOENIX-Today's underlying theme boils down to building safety. In the post-Sept. 11 world, new security plans are in place, terrorist insurance is being demanded at some levels and the owner-tenant relationship is at new highs.

By Beverly Ford | Updated on September 10, 2002

PHOENIX-Building owners have become more security conscious, tenants have reassessed their expansion options and lenders have started to require terrorist insurance on large projects in the year following the terrorists attacks on the World Trade Center and Pentagon.

“Sept. 11 was the icing on the cake in solidifying this cautious approach,” Stein Koss, with Phoenix’s Lee & Associates Arizona, tells GlobeSt.com, referring to the effects the attacks have had on the region’s real estate market. For what’s happening in Manhattan, click here

Koss says both buyers and sellers have become more cautious about real estate investing since the twin disasters even as mortgage prices dropped to new lows. “Sept. 11 created a lot of doubt in the investment arena,” he adds. “Owners are cautious about selling because they don’t know where to put their money. And the stock market, coupled with Sept. 11, has created a wait-and-see attitude among tenants. If there’s any risk involved, many are opting to remain in their existing location” rather than expand operations.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.