November 27, 2017
New York City is in a good position to deal with uncertainty. “We see a strong national market and I think it is particularly strong here in New York and TriState. I think that would continue for the next 15 months,” said Joe Harbert, president of the Eastern region for Colliers International, in a recent video conversation with Connect Media.
However, fewer commercial real estate deals are getting done — even in New York City.
“There is some uncertainty in the economy based on what we don’t know is going to happen with the tax plan, for example… that is affecting us in terms of the sale of properties. People are waiting to see what is going to happen with capital gains and taxes. There is a macro effect because of what is going on politically,” said Harbert.
Whatever comes next, the New York City market has proven its resilience overall. “When we had the Great Recession, the two markets that did the best were New York and Washington, D.C.,” he said.
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