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Office Development Activity in New York City - Essay Example
The real estate market in New York has definitely slowed down this quarter compared to what has been happening in the last one decade. There are many theories why the slow down is happening in the market. At the same time, the passion for real estate has not died down in America and Americans still want to own a piece of New York under all counts…
The building costs themselves have slowed down after the much talked about real estate bubble (Tom Acitelli, Sep 2006). However, the cost of the properties has gone for a spin and has risen to levels well beyond one hundred and forty percent of the GDP.
In this paper, we will analyze the growth of the real estate business specifically the commercial properties and the way they have been rising (and falling, if any) before we go on to take a look at the current days. Subsequently an analysis of the current scene would let us know the future trends. There will also be a short analysis of the status of the rental of offices and the fluctuations in the rental pricings specifically in the New York region. Finally, a short comparison between the rental and the ownership market of the real estate will be taken up to check which would be the best option for an office to go in the current scenario. All these will be presented in here for analysis and study.
In order to trace the rise and fall of a market, it is always useful to monitor the change that is happening in the market for the last ten years at least. ...