U.S. and NY Commercial Property Monitor: Q3 Analysis

Simon Rubinsohn

Chief Economist (RICS)

Q3 shows promise in U.S. commercial property, regardless of current political uncertainty ahead of the 2016 Presidential Election.

The Q3 US Commercial Property Monitor shows sentiment across the real estate sector generally remains fairly solid with the picture regarding both occupier demand and investor enquiries reflective of the largely supportive underlying tone to the economy.

Concerns over the valuation of property continues to be evident in the responses from contributors but it is fair to say that this is more of an issue in New York rather than the wider market.

Inevitably the strongly positive momentum driving market volumes through recent years has lessened somewhat but despite this, the feedback to the latest questionnaire is still consistent with further modest increases in capital values over the next year and beyond. While expectations for prime space remains generally fairly resilient, there has been some trimming of projections for secondary retail and industrial sites.

Significantly for the time being, foreign interest in US real estate assets remains undiminished with the office sector seeing the most positive trend.

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U.S. and NY Commercial Property Monitor_Q3