National + Office | May 4, 2020

New York City job growth has continued for the past 10 months, although the rate of hiring is slowing, reported the NYC Economic Development Corporation

RICS-AFIRE Survey Sees Declines in Sentiment

The Q1 2020 RICS-AFIRE North America Commercial Property Monitor results show the spread of the coronavirus pandemic exerting a significant impact on the real estate market. Key metrics capturing sentiment among occupiers and investors are moving into negative territory in both the U.S. and Canada, following a generally positive Q4 outlook.

In particular, U.S. investors and occupiers’ expectations for rents and capital values are down. However, while retail and office both show declines in investor confidence, the outlook is brighter for primary-market multifamily and industrial. Moreover, capital is expected to be deployed in the U.S. instead of other markets.

“While sentiment is a tough metric to track in the midst of a pandemic, these data tell an important story over time,” said AFIRE’s Gunnar Branson. “Before the coronavirus, investors came into 2020 feeling positive about U.S. real estate. These results advance that narrative, but with some smart and necessary caution.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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