Posted Jun 12, 2023, 1:14 AM
|
 |
NYC/NJ/Miami-Dade
|
|
Join Date: Jul 2013
Location: Great State of NJ
Posts: 49,333
|
|
I'm hoping the potential success with this will kickstart another tall residential boom. I sort of see this type of development as a barometer of the situation. NY RE is slowly warming up again. I mean its still on-going, not to say it isn't but we are not at the feverish rate that it use to be pre-Covid.
The potential for residential conversions is high considering how much space is up for lease and the shrinking office values that in theory could happen due to WFH. Lots of housing potential! Were still looking at a 50-55 percent office occupancy rate. Hopefully it will climb in the future.
|