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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 #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. Commonwealth Land 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.

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