New York office market may have a bright 2010: Deloitte

With declining commercial real estate values, 2010 may prove to be the ultimate year for distressed asset investment nationwide, according to a recent report from financial advisory firm Deloitte. The report, which makes predictions for the market for the next year and a half, says that hotel and multi-family residential markets may be among the first kinds of commercial real estate to bottom out and recover, particularly if employment figures begin to improve in 2010. New York, in particular, might see a quicker turnaround in the office market, according to the report, in part because of recent hiring upticks in the investment banking sector. TRD