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On A Scale of 1-10, New York City Commercial Brokers’ Confidence Is Below 2

Jul 28, 2020 | Posted by Jeff Weil | Commercial Real Estate, Newsletter, Trends, U.S. Economics |

www.bisnow.com reported today that New York City brokers do not feel very confident in the current and future state of the real estate market, and in a Real Estate Board of New York Broker Confidence report released yesterday averaged 1.94 out of 10 this quarter. “In their general written comments about the market, brokers cited ‘declines in disposable income” and “the inability to cold call” as reasons for their rating.” Their market is moving again, with increased investment sales up five-fold from May to June, but still down 55% year over year. I have been on Zoom networking meetings with my peers from around the country, and the overall sentiment is much more positive. I have associates in Texas and other states who are still doing deals, some in the health care industry with almost more business then they can handle,  but across the board business is way down as compared with any point in 2019.

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During 2019 in the City of Walnut Creek, California, only counting office buildings over 20,000 square feet, there were over 876,596 square feet of buildings sold for a combined sales value of $389,473,000. San Francisco reports that office sales doubled year-over-year. During the third quarter, $2.6 billion dollars of San Francisco office buildings sold totaling 3.3 million square feet. These are huge transfer tax generators and as I have done in the past, caution the various government agencies not to count this a reoccurring revenue stream as this phenomenon is not sustainable in the long run and should not be used for long-term budgeting. Enjoy it while we have it, but at least for the East Bay we have had the majority of our Class A office properties change hands over the past five years, and there is only so much you can squeeze out of an office building, even with rising rents.

Dec 20, 2019

Jeffrey Weil, CCIM, MCR.h, SIOR

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  • Jeffrey Weil
  • Colliers International
  • 1850 Mt. Diablo Blvd., Suite 200
  • +1 (925) 279 5590
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Contact Information

  • Jeffrey Weil
  • Colliers International
  • 1850 Mount Diablo Blvd., suite 200
  • CA Lic. 00786195
  • +1 (925) 279 5590
  • jeff.weil@colliers.com
  • www.officetimes.com

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