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A majority of real estate professionals believe values in NYC have peaked, yet most are optimistic about the city’s future.
Marks Paneth’s most recent Gotham Commercial Real Estate Monitor, a survey of real estate professionals, found 62% of experts say values in NYC have peaked—yet only 48% thought we’d reached the top three months ago. And only 31% think values will keep rising over the next year, Business Wire reports.
“Despite peak value concerns, the strength of Manhattan’s underlying economy and the robust demand for properties are enough to inspire optimism,” says William Jennings of Marks Paneth’s Real Estate Group.
And the numbers back him up—the report shows 64% of real estate professionals are optimistic about NYC’s commercial real estate market, yet at the same time 84% say the market is overvalued. [BusinessWire]
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