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 #288 on the 2021 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. Time Inc. is not affiliated with, and does not endorse the products or services of, Fidelity National Financial, its subsidiaries, or affiliates.


The Latest Articles From the FNF Newsdesk:

Omicron Variant Threatens More Disruption in Real Estate
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Escalation Clauses Losing Appeal as Bidding Wars Cool
| Realtor Magazine Internet Explorer does not currently support REALTOR® Magazine search. IE users, please download Firefox, Chrome, or Edge. December 2, 2021 Escalation clauses may be giving away...

2022 Outlook for Home Sales, Prices in Largest US Cities
| Realtor Magazine Internet Explorer does not currently support REALTOR® Magazine search. IE users, please download Firefox, Chrome, or Edge. December 2, 2021 As the latest...

Mortgage Lending Drops Sharply in Third Quarter
Mortgage lending declined at an unusually fast pace across the country during the third quarter, according to a newly released report from ATTOM Data Solutions on mortgage originations. The...

Mortgage rates show slight movement after volatile week
 The 30-year mortgage average finished at close to the same mark it was seven days earlier, after a highly volatile week impacted by both the fast-spreading omicron variant and announcements from the...

Today’s Refinance Rates: December 2, 2021—Refinance Rates Don’t Budge
Refinance rates stayed flat today. If you’re looking to refinance,you may qualify for  a historically low rate. Today, the average rate on a 30-year fixed mortgage refinance is 3.24%, according to...

Best 5-year CD rates — December 2021
A certificate of deposit is a financial product that allows you to stash away some cash and earn a fixed rate of interest for a set period of time. In exchange for handing over your money for a...

Current mortgage interest rates on Dec. 2, 2021: Rates slip - CNET
Though mortgage rates are constantly changing, now could be the time to lock in a good rate for a home loan. A couple of important mortgage rates decreased today, including 15- and 30-year fixed...

RIHA Study: U.S. Household Net Worth Between 2016 and 2019 Increased 17.6 Percent to $127,000 Dec 2, 2021
WASHINGTON, D.C. (December 2, 2021) - The median net worth of U.S. households increased from $103,000 in 2016 to $127,000 in 2019 - a gain of 17.6% and the highest amount since 2007. This is...

Current mortgage interest rates on Dec. 2, 2021: Rates slip
Today some major mortgage rates sank. If you haven't locked yet, see how that could affect you. A couple of important mortgage rates decreased today. 15-year fixed and 30-year fixed mortgage rates...