At this year’s REBNY gala, many were touting optimism, despite uncertainties around the viability of the retail market, a softening in the tech sector, and the variables presented by the election of someone who had been dubbed a “chaos candidate.” One man, however, was telling it like it is. That man was Bruce Mosler, chair of global brokerage at Cushman & Wakefield.
“Jobs-wise, New York has always out-performed the national marketplace significantly; last year, less so,” Mosler said to TRD‘s managing web editor Hiten Samtani on the red carpet. Mosler did, however, add that the relaxed financial regulations that President Trump has promised may give the banking sector a chance to expand, which could ease pressure in trying to fill space.
It wasn’t all doom and gloom. With regards to the concerns around the tech sector, Mosler accepted that there will be “some winners and some losers,” but said that, on the whole, tech companies are far better capitalized than they were in the last cycle.
“My response to the idea that we will see some form of recurrence of what occurred in 2008/09… I think [that’s] off the table,” he said.
When it comes to the seemingly impending market correction, however, Mosler didn’t mince words.
“We are in the latter innings or extra innings — take your pick! — from the cycle’s perspective. So we should expect a correction,” he said.
For more videos, visit The Real Deal’s YouTube page.