NEW YORK CITY—Industry brokers are citing numerous reasons that NYC beat out London for the top spot in a recent survey ranking global cities by their level of importance as financial centers—and its not just their pride talking.
Says Greg Kraut, Avison Young principal, leasing and capital markets, “The positive ranking of New York as the leading finance center of the world seems to be a result of the overregulation of the city's competition. Less regulation spurs business and is good for local economies.”
The research sends an optimistic signal for Gotham's future, he adds. “This study bodes well for all things New York City including—but not limited to—companies relocating, starting or growing their business here. Finance is still a major driver in the city's leasing market but it has been somewhat overshadowed lately by all the news regarding technology, advertising and media firms. Maybe this is the catalyst that we need to spur real job growth in the financial sector.”
The city's appeal has been enhanced particularly in the mind of foreign buyers, adds Eastdil Secured senior managing director Doug Harmon, “New York is a safe haven for more international investors searching out institutional quality real estate than at any other time in our history.”
He continues, “We also offer the added benefit of having a relatively brighter prospect for liquidity and capital appreciation than any other gateway market—even at today's valuations."
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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.
