Block by Block: 1H22

After a strong finish to 2021 that saw 1,808 transactions across New York City, resulting in $23 billion in activity closed, the first half of 2022 has underperformed in the face of new headwinds that affected the market. First, there was a general expectation that the first quarter would see reduced transactional volumes due to the out sized fourth quarter, which undoubtedly borrowed activity from the first quarter. While those expectations were realized, higher-than-expected inflation and Fed-induced interest rate hikes have burdened an already tentative market.