NYC second-strongest commercial market

October 21, 2010 11:30AM

New York City’s commercial real estate market showed increased stability in the third quarter, according to a report from Moody’s released today. The New York City market scored a 76 on Moody’s CMBS index, ranking it second-best among the cities tracked, behind Honolulu, which scored a 78. Commercial real estate markets continued to improve nationwide in the third quarter, the report shows, with all property types tracked showing an improvement on the Moody’s index. The hotel sector experienced the greatest quarter-over-quarter improvement, climbing 30 points to a score of 54, while the central business district office market showed a five-point gain, reaching a 60-point index score. While Keith Banhazl, a Moody’s senior analyst, said that there’s reason to be optimistic, he said that the overall market is still on soft footing. “In general, the commercial real estate markets remain in the uncertain… range,” Banhazl said. “However, the future appears to brighten with each passing quarter.” TRD