X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

With members of a conference committee already in place, the US House of Representatives and the US Senate are expected to combine their two terrorism insurance bills into one passable piece of legislation, now that the congressional summer recess has come to a close.

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?

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.