Categorized | Commercial

Commercial Property Sales in New York Outpacing Those in Las Vegas

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While Las Vegas was once a hotbed for commercial property sales, it is quickly being surpassed by other prime cities, including New York. For many investors, New York, and other coastal cities are being considered to a safe investment. With the volatile global economy, the majority of investors are looking for safe bets as opposed to the next homerun.

Secondary real estate markets are also seeing a nice increase in commercial sales growth. Cities like Dallas and Minneapolis have had significant growth over the past year. Sales of office buildings, apartments, and even shopping malls have seen some of their highest prices in the past year as of recently.

With the overall volatility in the market, however, many experts believe that some of the current trends will either slowdown, or change. Secondary markets may lose their luster, and coastal cities like New York will garner the attraction of investors due to its ability to serve as a safety net. In general, there are higher occupancy rates in the coastal cities, making them a logical choice for investors that may fear what’s to come in the real estate market.

It should be pointed out, however, that New York hasn’t always been the safest choice with respect to the real estate market. In 2008 and 2009, New York property values fell fairly significantly. However, the most recent statistics lead many experts to believe that New York, and other coastal cities may just be the most logical safe bet in the current volatile real estate market.

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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