Can New York City Real Estate Recover? My Thoughts. // New York City has been one of the hardest hit cities in the US over the past year, with vacancy rates for office, retail, and hotel properties seeing massive year-over-year spikes, and multifamily seeing close to double-digit percentage point rent declines over year-end 2019 figures.
Back in March and April of last year, headlines flooded the news citing the death of New York city, with many people throwing in their two cents on what they believed would be the fate of the largest city in the US.
And at that time, these articles were all speculation, when it wasn’t clear whether or not the mass exodus from the city would be short-lived, or we would start to see a more permanent shift in consumer and business demand away from the metro.
But today, almost a year later, we’re starting to get a much clearer picture of how New York City is being affected by the events going on in the world today, and in this week’s video, we’ll dig into the data behind what has really happened New York City real estate over the past 12 months, and what the future might hold for the big apple going forward.
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Research and articles referenced in this video:
https://www.bisnow.com/new-york/news/economic-development/miami-to-new-york-108091
https://berkadia.com/wp-content/uploads/2021/01/Berkadia-2021-Forecast-New-York-New-York.pdf
https://www.cushmanwakefield.com/en/united-states/insights/us-marketbeats/new-york-city-area-marketbeats
https://www.cbre.us/research-results?k=new%20york
http://cbre.vo.llnwd.net/grgservices/secure/NYC%20Age%20of%20COVID_V2.pdf?e=1615916086&h=5600573e99633491a69f05397def6211
https://therealdeal.com/sponsored/listing-3d/we-all-know-new-yorkers-are-moving-to-florida-the-question-is-how-can-you-capitalize-on-it/
https://www.multihousingnews.com/post/where-are-new-yorkers-moving-to/
https://www.businessinsider.com/pandemic-prompts-wall-street-to-look-south-for-floridas-life-and-work-benefits-2020-12
https://www.businessinsider.com/pandemic-tech-finance-migration-california-texas-florida-new-york-2020-12
https://www.foxbusiness.com/lifestyle/new-york-florida-2020-covid-pandemic
https://www.cbre.us/research-and-reports/New-York-City-Retail-in-the-Age-of-COVID-March-2021
https://www.cbre.us/research-and-reports/Manhattan-Retail-MarketView-Q4-2020
https://www.novoco.com/notes-from-novogradac/pandemic-exacerbates-urban-exodus-new-york-city
https://www.bloomberg.com/news/articles/2020-12-05/even-before-covid-2-600-people-a-week-were-leaving-new-york-city
https://www.state.gov/wp-content/uploads/2020/03/2020-03-20-Notice-New-York-on-Pause-Order.pdf
https://www.pwc.com/us/en/industries/hospitality-leisure/manhattan-lodging-index.html
https://www.nmrk.com/insights/market-report/manhattan-market-reports
https://www.wsj.com/articles/wall-street-moves-to-florida-nyc-real-estate-11614020268
https://www.bloomberg.com/news/articles/2020-12-06/goldman-plots-florida-base-for-asset-management-in-a-blow-to-nyc?sref=xjLu1klR
https://therealdeal.com/miami/2021/01/04/blackstone-inks-lease-at-miamicentral-in-downtown-miami/
https://www.bloomberg.com/news/articles/2020-10-21/singer-s-41-billion-hedge-fund-moving-headquarters-to-florida
https://fred.stlouisfed.org/series/NETMIGNACS036061
https://www.cnbc.com/2021/01/14/manhattan-apartment-rentals-nearly-doubled-in-december.html#:~:text=But%20at%20least%20it%20shows,December%2C%20to%20%242%2C800%20a%20month.
https://therealdeal.com/2020/12/30/nycs-10-most-valuable-office-leases-of-2020/
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