New York may have busy CRE year

New York City's commercial market may be busy this year.

There may be many important developments occurring in the New York City commercial real estate market this year, and activity from commercial property managers may increase.

Inventory should continue to fall during this year, which could make prices spike for many property management companies in the city, according to an article from BrickUnderground. Some industry members expect this trend to be one of the biggest in the local market this year.

"The challenges in getting a mortgage will continue to play out in 2013, keeping housing inventory very low as sellers with low or negative equity will opt to do nothing," said Jonathan Miller, president of Miller Samuel, according to the news source.

There also may be a spike in commercial real estate sales that involve cash transactions. This may be as much as one-third of the market, or more, one industry member informed the news source. The level of cash deals for more expensive sales – $3 million or more – could spike, as well.

Expectations in the New York market may be common for the multifamily sector across the country. Mark Obrinsky, vice president of research and chief economist for the National Multi Housing Council, explained to National Real Estate Investor that apartment developments could jump this year.

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