2020 will be remembered as the year New York City commercial real estate weathered a storm like no other. Before COVID-19 impacted our daily lives, 2020 was expected to be a challenging year for commercial real estate due in part to rent regulation law changes in 2019, tax increases, and what promised to be a turbulent election cycle.
Last year was a tumultuous one for the investment sales market in New York City. New rent regulation put a damper investors’ appetites after the state’s legislation passed in June. Even amid a roaring economy, 2H19 was a sluggish one.
As we head into 2020, there’s cautious optimism around the B6 offices. We surveyed our investment sales and capital advisory teams to gauge opinions on where the market is headed. Here’s what we found.