Andrew Merin, executive vice president of Cushman & Wakefield, described current economic conditions in the northern New York City suburbs as "a paradox."
"We see the fundamentals are terribly off across the board in all product types, with the exception of retail. Office and industrial are slow, apartments are giving away free rent for the first time in a long time," he said.
Merin added, "The fundamentals are bad and I do not expect them to get any better for the next 12 to 24 months." Merin noted that while leasing activity in most commercial real estate sectors is off, "the capital markets are robust."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
