NEW YORK CITY-From the government shutdown, the debt ceiling and rising interest rates to a changing mayor and dramatic shifts in which submarkets are growing, the commercial real estate industry—both nationally and around town—is going through a time of great upheaval, according to a number of speakers at Real Share New York on Tuesday in east Midtown. Much of the change bodes well for the sector, but some of it comes at the industry's peril.
“We have this impasse and I think it's just a precursor to October 17th, when we won't be able to refund our debt,” asserted William Kahane, president and COO, American Realty Capital. “Our investors are frightened of the result, they played in the market from 2008 to 2012, and they're once burned and twice shy.”
It's an issue the market appears to be ignoring but shouldn't, noted Jeffrey DeBoer, president and CEO, the Real Estate Roundtable. “[The Federal government] is playing with fire and we all think they can't burn the house down but this is a new game, so I hope everyone is paying attention.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
