Commercial real estate investors have successfully converted the challenges into economic opportunities within the real estate sector.
In 2023, the increase in interest rates has led to a 13% decrease in commercial property prices compared to the peak of 2022.
Although there was a decrease, there are still buying opportunities for investors in New York including Orange County NY commercial real estate. If you look below, you will notice that the Empire States contains about 2,053,393 commercial properties. Within these properties, there are different types such as retail, multifamily, special purpose, mixed-use, office, etc.
There are also opportunities to sell businesses alongside the properties. It allows investors to save time, save effort and save money. This allows them to have a clear understanding of what to anticipate beforehand.
However, there are some trends they can not anticipate due to the aftermath of the pandemic.
Office occupancies in New York City have reached a post-pandemic high, leveling off at 47%.
Although vacant office spaces are at a high, there is hope for other properties such as the hotel industry. The hotel industry is predicted to recover from the pandemic restrictions.
Source: ChessRealtors.com