MARIA: WELCOME BACK.
HURRICANE IAN DEVASTATING THE
FLORIDA GULF COAST AS IT HEADS
TOWARDS SOUTH CAROLINA THIS
MORNING, BUSINESSES SEEING THE
FULL SCOPE OF THE DAMAGE LEFT
BEHIND AS THE THEY FACE A LONG
REBUILDING PROCESS.
JOINING ME NOW IS FLORIDA RETAIL
LEAD, JUSTIN GRIDER.
IT’S GOOD TO HAVE HAVE YOU THIS
MORNING.
THANKS VERY MUCH FOR BEING HERE
MANY MANY TELL ME ABOUT THE
IMPACT AS YOU SEE IT.
WHAT HAS THE STORM DONE TO
COMMERCIAL REAL ESTATE IN
FLORIDA THEY.
>> ?>> APPRECIATE THE OPPORTUNIT
CHAT WITH YOU THIS MORNING.
AHEAD OF THE STORM, THERE’S A
LOT OF POSITIVES THAT HAPPENED,
MORE PEOPLE SHOPPING AND BUYING
THINGS THAN WHAT YOU NORMALLY
SEE, SO A GREAT SURGE FOR THE
RETAILERS OUT THEREND A THEN
WHEN THE STORM COMES, EVERYTHING
CUT DOWN AND OF SO WE’VE GOT --
SHUT DOWN AND WE’VE GOT A
DEFINITE NEGATIVE, PEOPLE ARE
UNABLE TO GET TO THE STORES AND
RIGHT NOW WE’RE IN THE PERIOD OF
RECOVERY, ON THE OTHER END OF
THAT, WHERE AS THE STORES GET
REOPENED AND ARE ABLE TO OFFER
THINGS TO CUSTOMERS AGAIN,
THEY’RE BUYING THINGS TO REBUILD
AND RECOVER AND GET LIFE BACK TO
NORMAL.
MARIA: THE BEFORE AND AFTER
PICTURES ARE INCREDIBLE.
WE’RE LOOKING AT THE DEVASTATION
IN FORT MYERS WITH THE DEBRIS
AND BUILDING MATERIALS ON THE
FLOOR.
WHAT DOES FLORIDA NEED TO DO TO
RECOVER FROM THESE LOSSES AND
HOW MUCH DO YOU EXPECT THIS IS
GOING TO COST?
IS THIS GOING TO BE THE MOST
EXPENSIVE HURRICANE EVER?
>> WELL, I THINK TO YOUR FIRST
STATEMENT THERE, OBVIOUSLY
THERE’S BEEN A LOT OF
DEVASTATING DAMAGE AND THE FIRST
PRIORITY IS MAKE YOUING SURE
EVERYBODY IS ALL RIGHT AND THE
FIRST RESPONDERS HAVE BEEN ABLE
TO CARE FOR EVERYBODY THAT NEEDS
THAT AND GET TO THEM OUT THERE.
AS WE START LOOKING AT RECOVERY,
I THINK TO YOUR POINT, THERE’S
TO BE A LOT OF MONEY SPENT
RECOVERING AND REBUILDING FROM
THE HURRICANE AS IT WORKED
THROUGH THE ENTIRE STATE AND HAD
DIFFERENT IMPACTS IN DIFFERENT
MARKETS.
NOT EVERYWHERE LOOKS LIKE FORT
MYERS.
THERE’S CERTAINLY BEEN DAMAGE
AND DESTRUCTION THAT’S GOING TO
FUEL THE ECONOMY HERE IN THE
COMING MONTHS.
MARIA: OKAY I WANT THE TO GET
YOUR TAKE ON WHERE THINGS GO
NOW.
HOW ARE THE INSURANCE COMPANIES
COVERING HAD THIS DAMAGE AHE
SEESMENT?
ARE YOU EXPECT -- ASSESSMENT OF.
ARE YOU EXPECTING INSURANCE BE
THERE OR REINSURANCE?
>> WELL, I THINK THE INSURANCE
IS SOMETHING HE THAT’S IMPORTANT
FOR PEOPLE TO TAKE CARE OF AHEAD
OF STORMS.
IN FLORIDA WE’VE GOT GREAT
PROGRAMS, BOTH THROUGH PRIVATE
OOH INSURANCE AND THROUGH THE
HELP OF THE STATE HAS DONE OVER
THE YEARS TO MAKE SURE PEOPLE
ARE TAKEN CARE OF AND CAN GET
THE INSURANCE THEY NEED AND IT’S
GOING TO BE A BUSY TIME FOR THEM
AS THEY’RE OUT WHICH WILL FUEL
INTO OUR CONSTRUCTION
CONTRACTORS, BUILDING SUPPLIES,
ALL OF THE HOME RETAILERS AND AS
WELL AS AS THOSE WHO WILL BE
REPAIRING SOME OF THE BUSINESSES
AND GETTING WORK DONE AS WELL.
MARIA: WHAT IS THIS GOING TO
MEAN FOR COMMERCIAL REAL ESTATE
DO YOU THINK?
>> WELL, THE NET I’M ACT FOR
COMMERCIAL SHOULD -- I’M A IMPAC
COMMERCIAL SHOULD BE A POSITIVE
THINGS ARE CONTINUING TO DRIVE
THE ECONOMY IN FLORIDA.
WE’VE SEEN HE DESPITE HURRICANES
IN THE PAST, PEOPLE CONTINUE TO
MOVE TO FLORIDA, PEOPLE TO COME
ON VACATION TO FLOOR THE DA AND
THOSE THINGS REALLY DRIVE OUR
MARKET.
THE ADDITIONAL INFLUX OF WORK
AND ACTIVITY THAT WE’RE GOING TO
SEE AS A FOLLOW-UP TO THE
HURRICANE OVER THE NEXT SEVERAL
MONTHS, AGAIN, SHOULD BE A HE
NET POSITIVE AS IT MOVES THROUGH
ALL SECTORS OF COMMERCIAL REAL
ESTATE.
WE’LL SEE IT IN THE LOGISTICS
AND SUPPLY CHAIN BUSINESS, AS I
MENTIONED WE’LL SEE IT IN A LOT
OF HE RETAILERS THAT ARE OUT
THERE AND A REALLY FUELING THAT
ENTIRE BUSINESS WHICH IS ALREADY
SEEING KIND OF RECORD DEMAND AND
PERFORMANCE IN RECENT MONTHS.
MARIA: TAKING OPEN, JUMP IN.
DAGEN: I --
MARIA: DAGEN, JUMP IN.
DAGEN: I WANT TO POINT OUT,
JUSTIN, THE FLORIDA INSURANCE
MARKET WAS ALREADY IN A DEEP
CRISIS BEFORE THE STORM HIT.
SIX INSURERS, PRIVATE PROPERTY
INSUREINSURERS HAVE DECLARED
INSOLVENCY M THEY THE LAST YEAR.
THE STATE RUN INSURANCE FUND OF
LAST HERESPORT DOUBLED THE NUMBE
FLORIDIANS IT HAS TO INSURE, THE
NUMBER IS WELL NORTH OF
1 MILLION POLICIES NOW.
PEOPLE HAVE LOST THEIR PRIVATE
INSURANCE, PREMIUMS IF THEY CAN
GET IT HAVE BEEN SKYROCKETING
AND THIS IS A FLOOD EVENT SO
YOU’RE POTENTIALLY LOOKING AT A
LOT OF INDIVIDUALS WHO WERE
UNINSURED OR UNDERINSURED.
A LOT OF PEOPLE IF YOU DON’T
HAVE A MORTGAGE THEY MIGHT NOT
ARE HAVE FLOOD INSURANCE AND SO
IT COULD WIND UP REQUIRING A
BAILOUT BY THE FEDERAL FLOOD
INSURANCE PROGRAM FOR MANY, MANY
PEOPLE.
>> YEAH, I THINK WE’LL HAVE TO
SEE HOW THAT PLAYS OUT.
AS I MENTIONED, THE INSURANCE
TAKEN CARE OF AHEAD OF THE STORM
IS REALLY IMPORTANT.
WHAT WE EXPECT TO SEE IS
INSURANCE COMPANIES HAVE REALLY
STEPPED UP AND TAKEN CARE OF
PEOPLE, SO AS THAT HAPPENS AND
PEOPLE GET THEIR LIVES BACK TO R
NORMAL WE SEE A LOT OF MONEY
FLOWING FROM THE INSURANCE
COMPANIES INTO THE STATE OF
FLORIDA, A LOT OF REPAIR WORK
GOING ON IN THE PRIVATE AND
COMMERCIAL SIDE OF THINGS.
MARIA: JUSTIN, IT’S GREAT TO