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Survey Reveals Drop in Optimism on NYC RE Market
The US real estate market, particularly in New York City, faces ongoing challenges, sparking concern among professionals. Cozen O’Connor’s survey revealed a 25% drop in confidence in NYC’s near-term prospects compared to last year, with a significant rise in pessimism.
Mayor Adams’ handling of real estate matters maintained a steady 43% approval, while disapproval escalated from 20% to 28% since 2022. Residential prospects, notably multifamily and condos, dipped from 56% to 45% in anticipated upside, whereas hospitality surged from 10% to 17%. Concerns varied, with interest rates becoming the primary worry (26.5%), displacing previous top concerns like construction costs.
The survey gathered 81 responses from diverse real estate professionals through in-person and online channels in September and October 2023.
- ◦Economy
