Posted on 01/14/2021 12:55:21 PM PST by Vendome
One unfortunate standout, however, was in the New York Fed’s district, which covers New York City, upstate New York, and northern New Jersey. In this region, conditions in the real estate market are tough all around, with the struggles of New York City perhaps the clearest sign of how deeply cities continue to struggle during this recovery.
“The residential rental market has continued to weaken, led by New York City,” the Fed’s report said. “Partly reflecting increased landlord concessions, effective rents in Manhattan and Queens are reported to be down more than 20 percent from a year earlier and down 8 percent in Brooklyn. Rental vacancy rates across New York City are reported to be at multi-decade highs.”
The report added: “Commercial real estate markets have weakened further, to varying degrees, across the District. Retail and office markets have been particularly weak in New York City, with asking rents trending down and well below year-earlier levels.”
(Excerpt) Read more at finance.yahoo.com ...
Who’s celebrating?
This shit is costing me money and I Love SF
Freaking Ghost town, can’t shop, go to entertainment or diner
Things not too bad real estate wise in my corner in North Jersey. I don’t see anything as a “new normal” until everything opens back up (and it will).
You should see downtown Oakland, CA
Decimated...
And they won’t show it.
This is dated Jan 14 2020 one yr ago from today before virus news hit USA
Yeah?
Myles Udland·Markets Reporter
Thu, January 14, 2021, 3:08 AM·5 min read
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