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The Implications of September 11, 2001 and Terrorism on International Urban Form and Various Classes of Real Estate

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The Implications of September 11, 2001 and Terrorism on International Urban Form and Various Classes of Real Estate LIVE The Implications of September 11, 2001 and Terrorism on International Urban Form and Various Classes of Real Estate By John S. Baen, Ph.D. Abstract Terrorism has been a fact of life in various international urban centers for the last twenty - (20) years. The September 11, 2001 event in New York City, NY and Washington, DC will have lasting effects on corporate and family real estate locational decision making. The paper discusses both the broad and specific evidence of changes in urban form and projects, the possible changes in real estate demand for retail centers, office buildings, residential and other types of property. The long-term decision-making and nature of real estate as a fixed investment as places for businesses to function may have changed forever along with future urban form. Contact John S. Baen, Ph.D. Professor of Real Estate University of North Texas FIREL Department PO Box 310410 Denton, TX 76203-0410 Office Phone: 940-565-3071 Cell Phone: 940-507-0312 Residence Phone: 940-567-3120 www.unt.edu/coba/firel/baen This paper was presented for the Pacific Rim Real Estate Society (PRRES) Meeting, Christchurch, New Zealand, January 21-23, 2002. Please do not publish or reproduce any part of this DRAFT without contacting author. Comments and suggestions welcome. The Implications of September 11, 2001 and Terrorism on International Urban Form and Various Classes of Real Estate By John S. Baen, Ph.D. University of North Texas Introduction While the world watched two (2) hijacked airplanes crash into the World Trade Center in Manhattan, New York and another crash-site at the Pentagon outside of Washington, DC, the U.S. joined the rest of the world in fully realizing terrorists’ attacks as a fact of life. Except for the bombing of the Federal Building in Oklahoma City in 1995, Americans had the misconception that terrorism would not and could not occur to the extent of the New York human losses, property losses, disruption of business and national economic shock. Webster’s Dictionary defines terrorism and terrorist as: Terrorism, n. Act of terrorizing, or state of being terrorized; specif., a mode of governing, or of opposing government, by intimidation. Terrorist, n. One who favors or practices terrorism; specif. [often cap.]: An agent or partisan of the revolutionary tribunal during the Reign of Terror in France. It is important to note that this research paper makes no distinction between foreign or domestic terror and assumes that the implications on the economics of various types of property and trends are the same. U.S. President Bush pronounced on page one September 12, 2001 that the tragedies were an “Act of War” with lead stories in major newspapers entitled “Carnage in New York” “Horror, Disbelief and Thousands of 2 Victims” “Pentagon In Flames” “Tragedy Redefines America’s Priorities” (USA Today 2001). A tendency to blame any and all present and future negative occurrences in business and the world economy on the 9-11 tragedy is unfortunately an oversimplification by the popular press and politicians. Prior to September 11, 2001 there was every indication that the U.S. was headed into a significant slowdown or recession. The terrorist attack accelerated that trend and added another dimension to property investment risk in America. Serious future value and net operating income (NOI) implications to institutional investment-grade, real estate in the form of higher operating costs and lower demand for office space are deeply embedded in the New York and Washington, DC attacks. The immediate and short-term effects to New York City and the U.S. were horrendous in regard to loss of life, property, disruption of financial markets, disruption of people’s lives and bus inesses. The objective of this paper is to consider the long-term implications to various classes of real estate investments, and changes in urban form as a result of “9-11” beyond the natural real estate and business cycles that are always in motion. As the U.S. has unfortunately joined the international community as a recent victim of urban terrorism, it is time that investors, business, urban planners, and city governments consider policy changes and a fresh look at the urban landscape and property investments of the future. 3 Types of Terrorism and Property Threats It is important that the general population and policy-makers not to over-react, become paranoid, or overstate the possibility or likelihood of the various types of terrorist threats that could effect other locations. These threats, however, are real and the next occurrence is more a question of where, when and what type or extent of damage may result. 4 Table 1: Types of Terrorism and Property Threats (The Implications of Terrorism on International Urban Form and Property Investment by John S. Baen, Ph.D., 01/12/2002; University of North Texas; [email protected]) TYPES OF THREATS / LIKELY TARGET REAL ESTATE EFFECTS OCCURRENCES TERRORISM I. Bombs Car Bombs Crowded Urban Center, Tunnels Destruction Common in Middle East Bridges Truck Bombs Below Ground Parking / Gov’t Destruction World Trade Center 1993; Oklahoma City Buildings Federal Building 1995; Various embassies and military targets Boat / Ship Bombs Shipping Port and Nearby Urban Destruction USS Cole 2000 Center Human Bombs Bus, Subway, Sporting Events Destruction Common in Middle East Placed Bombs Large Buildings Destruction None Verified II. Aircraft On-board Explosions Random Urban / Rural Areas Random Pan Am Lockerbie, Scotland Guided Attacks High-rise Office Buildings Disruption World Trade Center, Pentagon 2001; Bank of America/Florida 2002 Aerosol Sprays (Biological / Urban Center / Sporting Events Human Casualties Tokyo, Japan 2000 / Ebola Outbreak in Chemical) Various Africa 2002 Stolen Military Aircraft / Destruction None Verified Armaments III. Missiles Hand-held / Stolen Military Aircraft Random None Verified in Urban Areas IV. Airborne Chemical / Biological Mail Contaminates (Anthrax) Postal Centers / Anywhere Long-term contamination U.S. Postal Service 2001(New Zealand Rabbit Virus 2000) **HVAC Contaminates (Anthrax, Office Buildings Long-term contamination US Senate Office Building (via mail) Legionnaire’s Disease, Black Mold, etc.) “Dirty” Bomb (Anthrax) Urban Centers / via dust Long-term/large area (NY Asbestos Dust 9-11 example)*** contamination Animal Infections Feedlots / Farms / Ranches Loss of Land Use UK 2001 (terrorism not verified) Crop Infections Seed Companies / Farms Loss of Land Use None Verified (wheat rust suspected) 5 Infected Human Carrier Central Business Districts or Sporting Human Casualties None Verified Events Water Supply Contamination Metropolitan Areas Human Casualties None Verified V. Nuclear ****Nuclear Bomb Detonation Central Business Districts Destruction None During Peace Time Nuclear Dust or “Dirty Central Business Districts or Nuclear Long-term/large area None During Peace Time Bombs” (in combination Power Plants contamination 100+ years with any I-IV above) VI. Electronic Financial Markets Banks, Stock Markets Business Disruption None Verified Communications General Population Business Disruption None Verified Transportation System Public Transportation / Flight Control Business Disruption None Verified Disruptions Towers Vehicle, Machinery, Business Disruption None Verified Aircraft Disabling Power, Water, Gas Metropolitan Areas Business Disruption None Verified Distribution Disruptions Data and Hardware Business Disruption None Verified Destruction VII. Low Tech Urban Terrorism Freeway Nails, Oil, Grease Major Freeway Interchanges Business & Urban Disruptions None Verified VIII. Hoaxes (many of those listed General Business Disruption Business Disruption Commonplace above) Bomb Threats, etc. *Ebola reported in 4 African Countries with current outbreak in Mekambo, Gabon, Africa. (Zavis 2001) ** HVAC = Heating Ventilation and Air Conditioning Systems *** 700 New York Firefighters have filed legal claims for asbestos, chemical, PCB lung-related elements including spitting blood, asthma and cancer risks . (Ritter1 2002)(Ritter2 2002)(Ruiz and Gittrich 2002) **** Suitcase Nuclear Devices, or low-tech deliver on boats, trains, commercial aircraft, etc. “The United States is more likely to suffer a nuclear, chemical, or biological attack from terrorists using ships, trucks, or airplanes than one by a country using long-range missiles, according to a new U.S. intelligence estimate.” Dallas Morning News, January 11, 2002. Stopping Porta-Nuke s or briefcase-sized bombs is a national U.S. priority (Helman 2001). 6 Unfortunately, however, there is an increasing possibility that isolated incidents of some of these terrorist threats will occur in the future. As real estate and urban infrastructures are long-term investments due to their fixity or investment permanence (Jacobus 1999), the questions become - Should companies, property investors and cities outside New York City: 1) continue as usual in pre 9-11-2001 investments, corporate locational and lease renewal decision-making and urban policies? (The risk of terrorism is low and insignificant at any one location and even lower in suburban / rural areas.) 2) consider decentralization of corporate, business and governmental functions to various locations? (Also known conceptionally as diversification to reduce risk in the finance literature.) 3) adopt a long-term strategic plan to move to a single suburban or semi-rural corporate campus with high security fencing, complete controlled gated access, landscaping / buffer zones and zero fear
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