Offices in New York face losing $453 billion in value due, in part, to the rise of remote work, a new study from the National Bureau of Economic Research (NBER) has found. According to the study, which was conducted by researchers at New York University and Columbia University, the value of offices in New York City declined by around…
New York Offices to See $453 Billion in Value Wiped Out Due to Remote Work
October 4, 2022
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Real Estate Industry Leaders Forecast Gloomy 2023
While peering through an imaginary crystal ball, real estate industry leaders are forecasting cloudy skies for the residential market of early 2023. At a recent webinar hosted by the Hudson Gateway Association of Realtors in the New York metropolitan area, a National Association of Realtors (NAR) economist, along with panel of expert brokers, weighed in…
Working Wages Don’t Pay Rent in Orange County, Report Says
September 15, 2022
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An average worker cannot afford market-rate apartments in Orange County, New York, in 2022, according to a newly released report by Hudson Valley Pattern for Progress. To afford a one-bedroom apartment in the county, which has a fair market rate of $1,107, a renter must have a regular 40-hour-a-week job that pays over $20 an…
Inflation Pushes Rents to Record High, New York City’s Climb Above $4,000
August 30, 2022
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Inflation is pushing rent to new highs, as more than half of U.S. metropolitan areas have witnessed double-digit rent increases, with even some of the “hotter” regions in the Sun Belt showing signs of cooling down, according to the Zumper National Rent Index for August. Many renters who were already facing high rents are also facing a…
Manhattan Apartment Sales Drop, An Ominous Sign For NYC Real Estate Market
Apartment sales contracts for Manhattan nearly plunged by 30 percent last month compared with June 2021, as the New York real estate market began to cool amid fears of recession and rising mortgage rates. NYC real estate sales prices rose to a record high through the first half of the second quarter with rising prices…
Manhattan Commercial Real Estate Market Makes Rebound in First Quarter
The Global Commercial Real Estate Services, which provides data and research material to realtors and developers, released a new report on April 7 showing around a 96 percent rise in Manhattan’s year-over-year leasing activity for Q1 2022. The NYC commercial real estate market appears to be making a recovery after a downturn during the pandemic, but…
Manhattan Residential Real Estate Sales Hit $7.3 Billion in Q1 2022.
April 5, 2022
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High-end real estate sales in Manhattan reached $7.3 billion in the first quarter of 2022, a marked improvement after the industry was hit hard during the two-year pandemic, according to the latest sales reports. The positive data is one of the strongest starts to a year on record as the NYC market accelerates upward, with no…
Miami Ranks Least Affordable US City, Edging Out the Big Apple
March 10, 2022
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Miami has always been a world-renowned tourist destination with its pristine white-sand beaches, palm trees, warm tropical climate, and exciting nightlife. But now the second-largest populated city in Florida is also famous for being ranked the least affordable housing market in the United States—even surpassing New York City. RealtyHop’s Affordability Index Report analyzed the median…
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