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RICS: Occupiers Seeing Glass Half Empty

NEW YORK CITY—Rent growth expectations nationwide are soft, while the local market here is at a standstill, according to a newly released industry survey on Q2 office and retail leasing.

Woody HELLER Woody Heller, Savills Studley, “The New York City market peaked 12 months ago.”

NEW YORK CITY—A slow US economy appears to be taking a toll on occupier sentiment in many parts of the country, though demand still rose in the office and industrial segments during the second quarter, according to the Q2 RICS US Commercial Property Monitor.

The local market here is at peak—or even already in a downturn—according to a majority of respondents, though the industrial sector is a notable exception. Still, investor demand continues rising across all segments of the market, with interest from foreign buyers also increasing. The report is based on a survey of RICS qualified professionals conducted quarterly.

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Rayna Katz

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.

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