Local CRE Trends

Discover What’s New and Interesting in Our Backyard

New York City, New York boasts one of the strongest and most diverse economies in the world. With a population of more than 8.5 million people, it also has a thriving tourism industry, attracting more than 60.5 million people to the city annually. It is considered the cultural capital of the world, and is home to some of the most famous attractions in the world, such as Times Square, Central Park, the Empire State Building and Yankee Stadium, to name a few. Each of the city’s five boroughs – the Bronx, Brooklyn, Manhattan, Queens and Staten Island – has a unique personality with a diverse array of residential neighborhoods, shopping districts and commercial real estate opportunities.

New York City is considered a global business capital, with an economy that rivals most nations with its sheer size and diversity. New York City has one of the world’s largest international business communities. The financial services sector makes up a significant portion of the city’s wages and tax revenue, as well as professional/business services and health services. Fashion is also a huge industry – New York City has more headquarters of fashion designers and retailers than any other city, and its fashion weeks and trade shows attract hundreds of thousands of visitors to the City, according to the New York City Economic Development Council. Other key industries include bioscience, clean technology & energy, higher education, and media & technology.

With more than 600 million square feet of commercial office space within its five boroughs, New York City makes up the largest commercial real estate market in the United States, according to the New York City Economic Development Council. New York City was voted the third most attractive destination for real estate investment dollars coming from outside the United States, placing just behind Washington, DC.

New York City’s economy continued to grow through 2017, according to real estate services firm Cushman & Wakefield. Three major employment sectors – financial, professional and information services – added 13,500 jobs since 2016, creating increased demand for commercial space. Although the technology, advertising, media and information services sector lost jobs in 2017, the New York City economy continues to add jobs, which creates rising demand for office space, according to Cushman & Wakefield. A positive employment forecast through the next year bodes well for the commercial real estate industry in New York City.

About Fidelity National Financial

Fidelity National Financial, Inc. (FNF) is currently ranked #238 on the 2022 Fortune 500®*, and is among numerous defense, energy, media, hospitality and financial Fortune 500®* companies based in the region. Our New York-based team of CRE professionals works in all facets of the industry, including power and energy projects, office buildings, industrial parks, multifamily housing, retail properties, government contracts, corporate transactions and more.

Discover what’s new and interesting in our backyard in the latest real estate news, provided courtesy of the FNF Newsdesk.

*"FORTUNE®" and "FORTUNE 500®" are registered trademarks of Time Inc. From FORTUNE Magazine, May 2022 ©2022 Time Inc. FORTUNE and Time Inc. are not affiliated with, and do not endorse products or services of Fidelity National Financial. Chicago Title Insurance Company is a member of the Fidelity National Financial family of companies and the nation’s largest group of title companies and title insurance underwriters that collectively issue more title insurance policies than any other title company in the United States.

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