An experienced commercial real estate professional, Joshua Weisfeld oversees the day-to-day operations and management of W Brothers Realty, LLC. At W Brothers Realty, Joshua “Josh” Weisfeld specializes in the New York City commercial real estate sector.
New York City remains the number one global investment capital. Yet, despite the changing face of the marketplace amidst the COVID-19 pandemic, investors should choose wisely where to invest. Here are three trends to note.
COVID-19 has reshaped life, causing many to abandon city living for the roomier suburban lifestyle. Since the onset of COVID-19, home sales for suburban New York have risen by 44 percent. Overall, compared to pre-pandemic numbers, demand for property is up 25 percent.
The allure of submarkets is on the rise. While Manhattan is still the most popular investment destination, more and more developers are moving into up-and-coming neighborhoods of South Bronx, Northwest Queens, and Downtown Brooklyn, drawn by convenient transit, lower rents, and easy walkability.
The second quarter of 2021 showed signs of improvement. For example, in Manhattan, leasing activity during the first half of 2021 outpaced activity during the first half of 2020 by 27.6 percent. Leases by the food and beverage sector dominated the commercial property landscape, accounting for 43 percent of leasing activity.
