NYC multi-family, office real estate market outlooks strong: report

New York City’s multi-family and office real estate markets have the best outlook of all major metropolitan regions in the U.S., according to commercial real estate services firm Grubb & Ellis, which released its 2011-2015 real estate outlook report yesterday. The city’s retail real estate market, meanwhile, ranked third behind Washington, D.C. and Los Angeles. Nationwide, Robert Bach, a chief economist with Grubb & Ellis, said that 2010’s better-than-expected performance will help spur recovery in 2011. “We have challenges to overcome, and we don’t expect fundamentals to return to their pre-recessionary peaks for several more years,” Bach said, “but we’re slowly and cautiously building the foundation necessary to do just that.” TRD