DISCOVER WHAT'S NEW AND INTERESTING IN OUR BACKYARD

Featured Story

Local CRE Trends

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 a cultural capital of North America, 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’s world-class public transportation system and extensive network of parks contribute to it being one of the cleanest cities in the world. It is one of the nation’s largest energy markets, with electricity, heating and hot water accounting for $15 billion in energy costs per year, according to the New York City Economic Development Corporation. A plan to grow the city’s green economy includes creating an urban technology innovation center as well as 30 initiatives to support the growth of green businesses and jobs. The city’s green sector workforce is expected to double by 2018, according to the New York City Economic Development Corporation. This will create unique commercial real estate opportunities, as New York City has the nation’s largest office space market and overall building stock. Other key industries include bioscience, international business, higher education, and media & technology.

New York City’s economy continued to grow through 2017, according to real estate services firm Cushman & Wakefield. Three major employment sectors – financial, professional and information services – added 13,500 jobs since 2016, creating increased demand for commercial space. 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 #288 on the 2021 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. Time Inc. is not affiliated with, and does not endorse the products or services of, Fidelity National Financial, its subsidiaries, or affiliates.


The Latest Articles From the FNF Newsdesk:

Mortgage and real estate news this week: Homebuyer coping strategies, mortgage credit scores and more
This normally-sleepy Thanksgiving week is bucking the trend this year. There’s a surprising amount of news to get to, so let’s dive in. 1. Dealing with homebuying insanity Although things have...

Home renovation loans are on trend as refinances dwindle
The pandemic created conditions that led many to seek out home renovations, and as refinances dry up and purchase loans are harder to come by, lenders are leaning into the trend. While renovation...

Today’s refi rates move lower | November 26, 2021
Senior mortgage reporter Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South...

Today’s mortgage and refinance rates, November 26th, 2021 | Rates still low
Mortgage rates moved in different directions this week, according to data compiled by Bankrate. See the table below for a detailed breakdown of how each loan term moved. Rates as of November 26,...

Current mortgage interest rates on Nov. 26, 2021: Rates recede
Today a couple of major mortgage rates declined. If you're in the market for a mortgage, see how your finances could be affected. A variety of major mortgage rates slumped today. The average...

Half of this 36-hole complex just outside New York City is being lost to housing
HILLSBOROUGH, N.J. – A planning board hearing on a proposal to build 174 single-family homes on half of the Royce Brook Golf Course complex is scheduled for Dec. 2. Toll Brothers, a national...

Mortgage interest rates as of Nov. 25, 2021: Rates trailed off
Today a couple of important mortgage rates tailed off. If you're shopping for a mortgage, see how your future mortgage payments could be affected. A handful of important mortgage rates moved down...

Home Prices Hit Record High, Giving Sellers Much To Be Thankful For
Home prices hit an all-time high of $359,975 in the four-week period ending November 21, according to a new report from Redfin, a technology-powered real estate brokerage. This was up 14% year over...