Sales of commercial real estate in New York City totalled $18bn in the first six months of the year, down from $29.5bn in the same period last year, according to a report from the Real Estate Board of New York. New York commercial real estate deals shrank in the first half of 2017. The slump has been driven by falling home prices, which have fallen more than 10% since their peak in 2006. The declining volume of sales and number of transactions suggest investor uncertainty and concerns over rising interest rates, said Michael Slattery, a senior vice-president at the industry group.
Sales of commercial real estate in New York City totalled $18bn in the first six months of the year, down from $29.5bn in the same period last year, according to a report from the Real Estate Board of New York. The slump has been driven by falling home prices, which have fallen more than 10% since their peak in 2006. The declining volume of sales and number of transactions suggest investor uncertainty and concerns over rising interest rates, said Michael Slattery, a senior vice-president at the industry group.