New York City Commercial Property Values Have Now Peaked, Property Executives Say in New Survey
Still, New York Real Estate Is Largely Insulated From Today's Global Crises, Professionals Say
(firmenpresse) - NEW YORK, NY -- (Marketwired) -- 12/02/15 -- Commercial property values in New York City have hit the ceiling, says a sizeable majority of real estate executives in a new survey by , the accounting firm.
Seventy-one percent of property professionals in the city say values have now peaked. That compares with 54% of professionals who said this in the previous survey, several months earlier.
More specifically, 35% of executives say values will start declining, and 36% say they'll basically hold where they are. Only 21 percent say values will continue their rise.
That's according to Marks Paneth's latest , a survey completed last month of over 100 New York commercial property owners, brokers, agents, engineers, accountants and lawyers specializing in the commercial space.
Even though real estate professionals are largely convinced that commercial values have reached the pinnacle of the current cycle, they're divided on what the effect of a Fed interest rate hike will be. Forty-six percent say a hike will put more downward pressure on values, and 35% say values will be unaffected.
"While executives see New York real estate values topping out in a pretty definitive way, they're hardly concerned that today's international crises will slam the market," says of the . "There is a touch of concern, though, about China."
Only 11% say troubles abroad will hurt the New York property market. Forty percent say they benefit values here, since money flows out of distressed foreign economies to New York real estate. And 38% say global crises are a double-edged sword -- they can both boost and drag down values.
That said, the majority of professionals -- 55% -- say volatility in China will have a negative impact on the city's commercial property market.
The Gotham Commercial Real Estate Monitor is a survey of commercial real estate professionals in the New York City market. The 109 professionals participating in the research include owners and managers of commercial property, commercial real estate brokers and agents, attorneys, accountants and other professionals specializing in the sector.
The research employed self-administered questionnaires completed online and on paper by respondents. The list of professionals surveyed was compiled by Marks Paneth LLP, the research sponsor, and by Michaels Opinion Research. Interviews were completed during the period of August 6th, 2015 to October 14th, 2015.
Marks Paneth LLP is an accounting firm with more than 550 people, including over 70 partners and principals. The firm provides public and private businesses with a full range of auditing, accounting, tax, consulting, trade remediation and valuation services as well as litigation and financial advisory services to domestic and international clients. The firm also specializes in providing tax advisory and consulting for high-net-worth individuals and their families, as well as a wide range of services for international, real estate, hospitality, media, entertainment, nonprofit and government clients. The firm has a strong track record supporting emerging growth companies, entrepreneurs, business owners and investors as they navigate the business life cycle.
The firm's subsidiary, Tailored Technologies, LLC, provides information technology consulting services. In addition, the firm's membership in Morison International, a leading international association for independent business advisers, financial consulting and accounting firms, facilitates service delivery to clients throughout the United States and around the world. Marks Paneth, whose origins date back to 1907, is the 35th largest accounting firm in the nation and the 9th largest in the mid-Atlantic region. In addition, readers of the New York Law Journal rank Marks Paneth as one of the area's top three forensic accounting firms for the sixth year in a row.
Its headquarters are in New York City. Additional offices are in Washington, DC, New Jersey, Long Island and Westchester. For more information, please visit .
Contact:
Katarina Wenk-Bodenmiller
Sommerfield Communications, Inc.
(212) 255-8386
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Datum: 02.12.2015 - 15:45 Uhr
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