Can what’s happening in the NYC real estate market, be Boston’s future?
This morning I came across an article in Forbes regarding the NYC real estate market, and it occurred to me can this happen here?
“The problem for New York City’s office and residential markets is that there’s now tons of available space with much more set to arrive over the next five years with all the developments already under construction. To put that into perspective, it took two years after the Great Recession for the market to reach its highest vacancy rate. But because of the ongoing pandemic, it’s only taken only six months this time around to hit maximum vacancy, and New York City hasn’t even hit the bottom yet.”
In many ways, COVID for NYC was an accelerator for a city that had already reached “peak real estate”. Many businesses and homebuyers were already seeking more space, greater affordability, less density, and lower taxes and regulations long before coronavirus arrived.