New York market slated to be among first to bounce back, report says
October 21, 2008 05:34PMThe economic downturn will drag down the real estate market, but New York City, along with other 24-hour coastal cities like Seattle, L.A., Boston, San Francisco, and D.C., will be among the first to recover, beginning in 2010, according to the Emerging Trends in Real Estate 2009 report released today by PricewaterhouseCoopers and the Urban Land Institute. The report predicts that among most property types throughout the country, vacancies will rise and rents decrease in 2009, and lending problems will spread from the residential to the commercial markets. Of the various property types, the report predicts that only the apartment rental market will remain strong, as people who are unable to purchase homes will continue to rent, and industrial, business, hotel and retail markets will take a beating. TRD
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Comments
Anonymous
And then, *poof*- it all self corrects on Jan. 01 2010. I'll make plans.
Comment #1 Posted By: Anonymous 10/21/08
Anonymous
2010 A Space Odessy.
Comment #2 Posted By: Anonymous 10/21/08
Anonymous
The Urban Land Institute's list of corporate partners ia a "Who's Who" of who needs the real estate market to improve by 2010: Cushman Wakefield, Hines, Hypo Real Estate, LaSalle, Tishman Speyer, Bank of America, etc. This report is a piece of crap.
Comment #3 Posted By: Anonymous 10/22/08
Anonymous
First to recover = finally hit bottom and rents/prices will start to increase. I could see the bottom being around that date and it start to show signs of turning around.
Comment #4 Posted By: Anonymous 10/22/08
Anonymous
how far down is down before the recovery takes hold?
Comment #5 Posted By: Anonymous 10/22/08
Anonymous
The residentail market will bounce back, it always does. I have lived in Manhattan 40 years and have seen it time and time again.
Comment #6 Posted By: Anonymous 10/22/08
Anonymous
but Cramer said it would be on June 30, 2009!! oh my, who am I to believe???
Comment #7 Posted By: Anonymous 10/22/08
Anonymous
For the first time since I've lived on the upper west side (16 years), I am aware of multiple vacancies in my rental building. I curious if other folks have noticed more vacant apartments. Also, is work slowing on the huge "Columbus Village" development, or is it my imagination.
Comment #8 Posted By: Anonymous 10/22/08