December 11, 2015 | Crain's New York Business | Daniel Geiger
The city’s commercial real estate market will likely reach a record in 2015.
According to estimates by Cushman & Wakefield and CBRE, as much as $70 billion worth of deals will be completed by the end of the year, up 12.5% from the previous peak in 2007. The dollar volume includes the sale of office buildings, hotels, multi-family properties and other commercial real estate in the city.
“Without a doubt we’ll eclipse the all time record dollar volume for the market,” said Robert Knakal, Cushman’s chairman of investment sales. “It’s just a question of by how much.”
The huge volume was driven by a long list of big property sales. Just this month, the French insurance company AXA reached a deal to sell two midtown office towers...
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