Weakness in the job market continued to put pressure on apartment rents in Manhattan, driving them down 6-9% year-over-year. As the economy shifted and people were laid off and bonuses cut, landlords had no choice but to reduce asking prices. Rents are expected to continually decrease over the coming months.
In 2009, the doomsday crowd was preaching that the commercial real estate market would crumble much like housing and trigger a double dip recession. That fear is looking more and more distant. Today, the Mortgage Bankers Association provides some additional evidence that there’s no commercial real estate storm on the horizon after all. The MBA [...]
The commercial mortgage market will shrink for another year, bottoming out at about $2.9 trillion in late 2011, and then begin to rise in 2012 with volume reaching about $3.3 trillion by 2015, according to new research issued recently.
If there wasn’t already enough competition chasing core NYC office product, Google is now apparently in the running as well to acquire the 2.9M square feet office building at 111 Eighth Avenue. The price is said to be close to a whopping $2 billion.Several sources said Google was only one of many interested bidders, including [...]
Analysts predict slow growth in occupancy for country’s many vacant spaces. An oversupply of office and retail space has put renters in control. And, as with the residential market, brokers do not expect a turnaround until job numbers increase and employers start looking for new work space. The good news is more willingness on the [...]