Investment in 24-hour cities to be explored at CRE lunch

Real Estate Weekly, Nov 14, 2001

The New York Metropolitan Chapter of the Counselors of Real Estate (CRE) will host a luncheon address by Hugh F. Kelly, CRE, a prominent real estate consultant, to explore the concept of the 24-hour-city as a superior commercial real estate investment. Until now, according to Kelly, there has been very little data to refute or support this claim. Although the event was scheduled prior to Sept. 11, Kelly is expected to factor the World Trade Center attacks into his presentation. New York's 24-hour character is now more important than ever in the minds of investors, he said.

Principal of Hugh Kelly/Real Estate Economics, an independent consulting firm specializing in applied economics and strategic consulting for clients with national and international equity and debt portfolios, Kelly has gathered the facts about 24-hour-cites in order to present the debate.

His presentation, scheduled for Nov. 15, is expected to introduce statistics about vacancies, rents, prices and return on investment for comparative 24-hour-cities, such as Manhattan, Los Angeles and Chicago -- cities in which commercial, residential and retail properties co-exist along with entertainment and cultural facilities, to create an urban lifestyle whose activity lasts well beyond the 9-to-5 business day.