The real estate market in the United States, specifically in New York City, is facing persistent challenges that have raised concerns among industry experts. According to a survey conducted by Cozen O’Connor, there has been a 25% decrease in confidence regarding NYC’s short-term prospects compared to last year. This has resulted in a significant increase of pessimism among professionals.
In terms of handling real estate matters, Mayor Adams’ approval rating remains steady at 43%, while disapproval has risen from 20% to 28% since the previous year. The survey also revealed that there is less optimism for residential properties such as multifamily and condos with only 45% anticipating an upside compared to last year’s figure of 56%. On the other hand, hospitality properties have seen an increase from just10% up to17%. The primary concern among professionals is now interest rates (26.5%), surpassing construction costs which were previously ranked as top concerns.
The survey was conducted between September and October of2023 and gathered responses from81 diverse real estate professionals through both online and offline channels.
This article discusses how recent developments have caused a decline in optimism towards New York City’s real estate market accordingtoa recent survey by Cozen O’Connor.The results showthattherehasbeenadropinconfidenceamongindustryprofessionalscomparedtolastyear.MayorAdams’responsesto realestateissueshave received mixed reviews with his approval rating remaining stable at43%,whiledisapprovalhasincreasedfrom20%-28%sincethepreviousyear.Residentialproperties,suchasmultifamilyandcondos,haveseenaloweranticipationofupsideatonly45%,asopposedto56%duringthepreviousperiod.Ontheotherhand,hospitalitypropertieshavewitnessedanincreasefromjust10%-17%.Amongtheconcernsexpressedbyprofessionals,theprimaryworryisinterestrates,whichhaveovertakenconstructioncostsasthetopconcern.
The survey was conducted in September and October of 2023 and received responses from81diversereal estate professionals through various channels. This article highlights the decline in optimism towards New York City’s real estate market based on a recent survey by Cozen O’Connor. The results indicate a decrease in confidence among industry experts compared to last year. Mayor Adams’ handling of real estate matters has been met with mixed reviews, with his approval rating remaining at43%whiledisapprovalhasrisenfrom20%-28%sincethepreviousyear.Residentialproperties,suchasmultifamilyandcondos,haveseenlessoptimismwithonly45%anticipatinganupsidecomparedto56%duringthepreviousperiod.Ontheotherhand,hospitalitypropertieshavewitnessedanincreasefromjust10%-17%.Amongtheconcernsexpressedbyprofessionals,theprimaryworryisinterestrateswhichhavebecomethe top concern surpassing construction costs.
The survey was conducted between September and October of 2023 and gathered responses from81 diverse real estate professionals through both online and offline channels.This article discusses the recent decline in optimism towards New York City’s real estate market based on a comprehensive survey by Cozen O’Connor.The findings show that there has been a dropinconfidenceamongindustryexpertscomparedtolastyear.MayorAdams’responsesto realestateissues have received mixed reviews, maintaining an approval ratingof43%,whiledisapprovalhasincreasedfrom20%-28%since2022.Residential properties such as multifamily unitsand condos have seen less anticipation for upside at only45%,as opposed to56%duringthepreviousperiod.Hospitality properties,on the other hand,have witnessed an increase from just10%-17%. Amongst concerns raised by professionals,the primary worry is interest rates, which have overtaken construction costs as the top concern.
The survey was conducted between September and October of 2023 and received responses from81diversereal estate professionals through various channels.
