Recently surveyed commercial real estate executives believe their fellow investors are overly bullish on the local market. In other words, they assert in new research by Marks Paneth, commercial properties in NYC are “overvalued.” GlobeSt.com caught up with William Jennings, partner-in-charge of real estate at the accounting firm, to discuss the mindset of survey respondents.
GlobeSt.com: Why has the number of executives who think properties in NY are “moderately overvalued” gone up so much since June of last year?
I would have to assume that it is cautious optimism. All you have to do is look at the rising stock market and prices of New York real estate during that period.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
