The New York metropolitan area lost 70,000 people during the coronavirus pandemic, equating to tens of billions in lost income for the city. In total, about 3.57 million people left the city from Jan. 1 through Dec. 7, Reuters reported, citing data from Unacast. Around 3.5 million people moved in during that time; however, they… Read more »
The commercial real estate industry is gradually getting a handle on how to do business during a pandemic, according to the results of the August Sentiment Survey from SIOR. Back in April, only 26.1 percent of transactions were proceeding according to schedule, but that figure increased to 45.2 percent in the latest survey. Parallel to… Read more »
In the Brooklyn office market in 4Q 2019, the average asking rent ended the fourth quarter at $52.33/SF, down 0.9% from the prior quarter but still 0.7% higher from this time last year, according to a report on the Brooklyn Office Market (4Q) from Newmark Knight Frank. The availability rate rose 30 basis points to… Read more »
Despite concerns about the long-term impact of tariffs and the potential for an economic downturn, the outlook for the U.S. industrial sector heading into 2020 remains positive, according to industry executives who spoke at the recent Avison Young U.S. Industrial Summit in Chicago. The sector experts cited low vacancy rates and rising rental rates among… Read more »
Long Island City’s commercial real estate market has seen its fair share of challenges. For years it has been flooded with luxury rental units, faced high office vacancy rates, few retailers and the very public tumult of the Amazon HQ2 deal collapse. But investors and stakeholders in the neighborhood still maintain a strong long-term outlook…. Read more »
Take a look at 10 trends that are expected to shape real estate in 2020 in a report from the Urban Land Institute. Curbed.
The Commercial Observer’s Partner Insights team recently held a webinar on technology’s impact on commercial real estate. The discussion includes the importance of new broker tools and predictive analytics. Commercial Observer