November 17, 2017
Commercial real estate is likely to do well in New York City in the near future. “We have no downsides that we see in New York… this year going well into next year,” said Joe Harbert, president of the Eastern region for Colliers International.
Demand continues to be strong. “There are more people working in New York than ever have worked here before. The economy is strong. Interest rates are low,” says Harbert. “It is a vibrant market. People want to be here, people want to live here, people want to move here… Industrial is on fire in New Jersey.”
That said, there are challenges. “We’ve all heard about the internet, but retail is not dead… Investment sales are off 50%, but pricing continues to be strong. On the capital markets side, there is a disconnect between the bid and the ask,” he said.
However, he still sees a good year coming for New York City real estate, “provided we don’t have geopolitical events that take us all in some different direction.”
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