BERDON BRIEFS – State of the Market Update-What The Data is Indicating for 2023
1.27.23 | Michael Cohen refers to historical data as an indicator of forces at work in 2023 and draws similarities to previous downturns. In examining current issues, Cohen weighs the impact of tenants seeking to do more with less space and the hybrid evolution, aggressive underwriting, and rising interest rates. He views New York City as a place in a state of metamorphosis, with buyers attracted to newer, high-tech spaces beyond midtown. Cohen also sees a need for older buildings to convert to residential while others may have to undergo demolition to make way for the future.
View the video below for insights on what to expect in commercial and residential real estate in the upcoming years.