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Predictions 2005
Market uncertainty mixes with high expectations
Where have we been, and where are we going?
On the heels of a hot year in which the average price for a Manhattan apartment climbed over $1 million, Richard Steinberg of Warburg Realty sees no reason why prices shouldn’t go up another 15 percent in 2005.
But Jed Garfield of Leslie J. Garfield & Co. is less sanguine, expecting “a glut of expensive real estate that we haven’t seen in 10 years.”
More than a dozen residential and commercial industry leaders, including Barry Gosin of Newmark, Faith Hope Consolo of Garrick-Aug and Barbara Corcoran of The Corcoran Group shared their predictions for the New Year, in a feature story this issue.
Commercial industry leaders said they expect an improving office market, pointed out that retail is doing as well as it has since 1999, and weighed in on the hot investment sales market.
“The office vacancy rate has dropped significantly over the last year and I believe it will drop at an increasing rate in 2005,” said Howard Nottingham of Studley.