The city’s commercial real estate market was fairly resilient in 2007, considering rising rents, dwindling vacancy rates and an uncertain economy. Real estate experts expect that same durability to continue into the New Year, though at a slightly tempered pace.
“In the last few years, we’ve seen pricing spike dramatically, but the ratcheting up of rental rates is definitely going to flatten out as demand slackens somewhat,” says Robert Freedman, president and chief executive of GVA Williams. “We are going from an era of irrational exuberance to a rational but still fundamentally strong market.”
New York City 2010
