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 #375 on the 2020 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:

Best 10-year CD rates — June 2021
Compared to savings accounts and short-term time deposits, 10-year CDs offer more competitive interest rates. They’re also virtually risk-free. Once your account matures, you’ll earn a specific...

The Housing Shortage Is Worse Than Ever—And Will Take A Decade Of Record Construction To Fix, New Reports Say
Topline Low supply and high demand will continue to frustrate aspiring homeowners, according to a pair of new reports and data released Wednesday, throwing cold water on short-term positives like...

Intense housing market conditions relax (a bit) in May
As recent indicators hinted at a cooling marketplace , it appears at least one segment of housing reached an inflection point in May. Inventory of for-sale homes grew 3.9% from April, marking the...

5 things you need to know about inflation, increasing prices and interest rates
Amidst surging prices and expected rate hikes, are we experiencing a short-term response to pandemic recovery -- or something more serious? Whether it's milk at the grocery store, airplane...

Lumber Prices Are Dropping Fast
Lumber prices are falling quickly from record highs, and that may be happening at the right time for the new-home market. Home builder sentiment sank to its lowest level since August 2020, with...

Time to Act: ‘The State of America’s Housing Stock Is Dire’
A “once in a generation” response is needed to address the decades of underinvestment and underbuilding in the housing market, according to a report released on Wednesday by the National Association...

Change Of Tone: Fed’s More Hawkish Views On Inflation, Future Rates, Bring Pressure On Stocks
Key Takeaways: Fed’s more hawkish tone puts pressure on major stock indices Bond yields, dollar move higher after Fed raises inflation projection Analysts say first rate hike now more likely in...

Fannie Mae makes sizeable cuts to purchase mortgage estimates
Fannie Mae significantly reduced its second and third quarter home sales estimates as supply-side factors — such as the low number of listings for existing residences and limits on new construction —...

Is The 20% Mortgage Home Down Payment Dead In 2021?
Housing markets across the United States are on fire; skyrocketing values may be the death of the 20% down payment. Especially for first-time home buyers, the challenge of coming up with a 20%...

Federal Reserve Meeting: Get Ready For More Inflation
Although the Federal Reserve remains committed to its inflationary course, members indicated they would probably snug up their stimulus sometime in 2023. They had previously predicted massive...