Heading back to school
From the January issue: The stalled credit market and the recession are likely to put off recoveries for most sectors of the real estate market for many months, but one sector may make it through relatively unscathed. Several area universities say they expect to continue with planned construction projects. What’s more, as developers and contractors compete for more business in a stalled market, these institutions may even see better deals. “The institutional market, because it is so strong in New York City, will probably do relatively better than other forms of construction, particularly residential,” said Richard Anderson, president of the New York Building Congress. Of course, not all universities are expanding in this economic climate. The New School has put some of its construction plans on hold, and other schools are reconsidering the timing of potential projects. But space that universities acquire or renovate during the recession will likely be put to good use as more people return to school to wait out the tough economy.