As the damage is still being assessed, Super Storm Sandy may break records for being the most destructive and financially impacting natural disaster the United States has experienced. Most media coverage is rightfully dedicated to the families and homes who have fallen victim to Sandy’s destructive force. The less told story is those of commercial businesses, large and small, who have lost not only buildings but also jobs, taxes and community landmarks.
Restaurants, office space and retailers along the Jersey Shore have been literally washed away leaving entrepreneurs and small business owners with few options for recovery. In lower Manhattan, financial institutions like Morgan Stanley are having a hard time keeping employees coming to work. Some large office tenants have already moved out of Manhattan and many plan to stay out. The impact will be far reaching; lower property values, increase vacancy rates and higher insurance rates for landlords.
To learn more about the financial impact on commercial real estate following natural disasters like Super Storm Sandy, please read The Impact of Hurricane Sandy on Commercial Real Estate.