NEW YORK CITY—In a recent presentation, Cushman & Wakefield chairman of New York investment sales—and former chairman of Massey Knakal Realty Services—Bob Knakal discussed the local investment property sales market in 2014 and what's ahead for 2015.
More specifically, in this video presentation (available at the end of this story), Knakal provides a recap of last year's key market metrics and discusses why 2014 seemed like a blast from the past. He also dives into what was selling last year, average prices, the performance of different submarkets and answers the question of how low can capitalization rates go?
In addition, Knakal's video address covers the performance of various sectors, including office retail and development properties, values per square foot and it also provides a forecast for metrics expected in 2015.
And beyond those metrics, the investment sales guru makes projections on record-breaking sales, by product type and divulges what could make 2015 better or worse than expected. Downside risks—including an overview of the political landscape and its potential impact on the market—are discussed.
Of course, Knakal's in-depth presentation also includes a discussion of today's excessive demand and where it is coming from. Interest rates and something he calls “the positive feedback loop” the market is experiencing also is covered.
Lastly, Knakal also discusses how geopolitical risks are actually good for the US and New York City and reviews the top trends in the market which are expected to continue throughout 2015.
If previous remarks Knakal has made on the market are any indication, he's impressed by 2014's performance and bullish on 2015.
“2014 was the best investment sales market we have seen in the past 30 years,” he has declared. “We expect this record level of dollar volume to continue, and possibly be exceeded, in 2015.”
The full video presentation can be found by clicking here.
For a deeper look from Cushman & Wakefield at New York real estate, read partner James Nelson at GlobeSt.com's Full Nelson blog.
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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.
