Local CRE Trends

Discover What’s New and Interesting in Our Backyard

New York City, New York boasts one of the strongest and most diverse economies in the world. With a population of more than 8.5 million people, it also has a thriving tourism industry, attracting more than 60.5 million people to the city annually. It is considered the cultural capital of the world, and is home to some of the most famous attractions in the world, such as Times Square, Central Park, the Empire State Building and Yankee Stadium, to name a few. Each of the city’s five boroughs – the Bronx, Brooklyn, Manhattan, Queens and Staten Island – has a unique personality with a diverse array of residential neighborhoods, shopping districts and commercial real estate opportunities.

The city is home to a highly educated workforce and 164 academic institutions. The higher education industry employs over 120,000 people and makes up 4.1 percent of the city’s workforce, according to the New York City Economic Development Council. New York City’s thriving higher education sector helps to fuel the city’s economy while encouraging innovation and development across a variety of industries. New York City is also home to the headquarters of several of the world’s largest media companies and most respected brands. According to the New York City Economic Development Council, there are over 15,000 media and entertainment establishments in New York City, and five of the top 10 media and entertainment companies are headquartered there. Other key industries include bioscience, clean technology & energy, and international business.

With more than 600 million square feet of commercial office space within its five boroughs, New York City makes up the largest commercial real estate market in the United States, according to the New York City Economic Development Council. New York City was voted the third most attractive destination for real estate investment dollars coming from outside the United States, placing just behind Washington, DC.

New York City’s economy continued to grow through 2017, according to real estate services firm Cushman & Wakefield. The three major office-using sectors – financial, professional and information services – added 13,500 jobs since 2016. Although the technology, advertising, media and information services sector lost jobs in 2017, the New York City economy continues to add jobs, which creates rising demand for office space, according to Cushman & Wakefield. A positive employment forecast through the next year bodes well for the commercial real estate industry in New York City.

About Fidelity National Financial

Fidelity National Financial, Inc. (FNF) is currently ranked #238 on the 2022 Fortune 500®*, and is among numerous defense, energy, media, hospitality and financial Fortune 500®* companies based in the region. Our New York-based team of CRE professionals works in all facets of the industry, including power and energy projects, office buildings, industrial parks, multifamily housing, retail properties, government contracts, corporate transactions and more.

Discover what’s new and interesting in our backyard in the latest real estate news, provided courtesy of the FNF Newsdesk.

*"FORTUNE®" and "FORTUNE 500®" are registered trademarks of Time Inc. From FORTUNE Magazine, May 2022 ©2022 Time Inc. FORTUNE and Time Inc. are not affiliated with, and do not endorse products or services of Fidelity National Financial. Fidelity National Title Insurance Company is a member of the Fidelity National Financial family of companies and the nation’s largest group of title companies and title insurance underwriters that collectively issue more title insurance policies than any other title company in the United States.

The Latest Articles From the FNF Newsdesk:

Smaller rate hikes are likely coming in December, says Fed Chair Powell
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Mortgage Rates To Stay Near 6.7% Through End Of Year, Predicts Mortgage Banker Association
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Consumer Confidence Slips Into The Holiday Season
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Fannie Mae, Freddie Mac will back mortgages of more than $1 million in 2023
...However, house prices have only had a moderate increase this year as mortgage rates have climbed. The agency's seasonally adjusted monthly index for September was up a modest 0.1% from August...

Housing Market Is Shifting Closer To Favoring Buyers
...2022,10:01am EST|Press play to listen to this article! Got it! The housing market moved further in the direction of buyers last month as the markets that cooled the fastest in response to quickly...