There was an article printed in the Hudson Valley's Poughkeepsie Journal by Craig Wolf, today 7/2/08 that focused on recent and proposed cutbacks in passenger service at the Stewart.
That set me to wondering about the Port Authority's much touted development plans for Orange County's and the Hudson Valley's Stewart Airport. A spokesman for the Port Authority reportedly replied, when questioned about the cutbacks, that the problem was a national issue, fuel cost related and not a Stewart issue.
Previously the PA had promised to spend about $500 million for various improvements at Stewart over 10 years and that points to a long term commitment that we, in the regional commercial real estate industry, and our customers can look forward to.
With so much commercial development counting on Stewart's potential for passenger and freight service, I hope that the industry's overall cut-backs don't reduce the the Port Authority's need for additional passenger space at the other 3 airports, which seemingly would drive a large portion of their freight and cargo traffic to Stewart.
What do you think about how this affects our local commercial real estate market either in the short or long term and can we as professionals do any thing about it?
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