Home Real Estate Survey Reveals Drop in Optimism on NYC RE Market 
Real Estate

Survey Reveals Drop in Optimism on NYC RE Market 

The US real estate market, particularly in New York City, faces ongoing challenges, sparking concern among professionals. Cozen O’Connor’s survey revealed a 25% drop in confidence in NYC’s near-term prospects compared to last year, with a significant rise in pessimism.  

Mayor Adams’ handling of real estate matters maintained a steady 43% approval, while disapproval escalated from 20% to 28% since 2022. Residential prospects, notably multifamily and condos, dipped from 56% to 45% in anticipated upside, whereas hospitality surged from 10% to 17%. Concerns varied, with interest rates becoming the primary worry (26.5%), displacing previous top concerns like construction costs.  

The survey gathered 81 responses from diverse real estate professionals through in-person and online channels in September and October 2023. 

Source link

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Real Estate

Memphis Dermon Building Converting to 150-Room Hotel

The Dermon Building in Memphis was built 99 years ago, designed as...

Real Estate

Developer Duo Secures $120M Refi for Charleston Harbor Rental Community

Woodfield Investments and Argosy Real Estate Partners have secured $120 million to...

Real Estate

Bonita Springs Site for 252-Unit Apartment Community

Madison Communities and Heitman have closed a $44 million construction loan for...

Real Estate

$21.5M Loan for Tacoma Apartments Secured by Berkadia

Berkadia has secured financing for the acquisition of The Duo Apartments, a...