Share to Twitter Share to Linkedin New York City is once again demonstrating its resiliency. Office workers are returning, the workforce is growing, tourists are back, lunch hour lines are forming outside eateries, and trains and buses are filling up. The first half of the year the city saw $22.1 billion in investment sales, slightly lower than the last six months of 2021 but significantly higher than all of 2020 and 1H 2021. It feels like 2019 again except for several significant threats—inflation, which rose to 8.3% in August, interest rates, which the Fed keeps raising, most recently by .75% to 3.25%, and the possibility of a recession. In this volatile environment, we're still seeing many positive trends but have also identified a few areas we're keeping an eye on. Positive Trends Free Market Multifamily: Staggering Rent Growth, Undervalued Real Estate Investor demand has remained strong for free market multifamily buildings this year as the asset class accounted for 75% of the $8.9 billion in multifamily buildings sold in 1H 2022. The return of renters who left during the pandemic combined with a lack of new supply has created a perfect storm, resulting in record high rents. From July 2021… Read full this story
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New York City Real Estate: Top Trends That Are Moving The Needle have 320 words, post on www.forbes.com at October 7, 2022. This is cached page on CuBird. If you want remove this page, please contact us.