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Hurricanes Katrina and Rita created significant short- and long-term disruptions in the US economy that will impact the commercial real estate market in a number of ways. In the short term, the 2005 hurricane season disrupted oil and natural-gas production, destroyed or severely damaged millions of square feet of commercial property and added hundreds of thousands of workers to the ranks of the unemployed. Longer term, the hurricanes will create a spike in construction costs and raise the price of operating investment properties.

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