RICS: Elections, Rates Pose Question Marks

RICS Americas headquarters at One Grand Central Place in Midtown Manhattan. (Photo courtesy of Goldman Copeland)

NEW YORK CITY—RICS’ latest commercial property survey illustrates the uncertainty attending the outcome of the 2016 elections, and the wait for the Federal Reserve to drop the other shoe when it comes to interest rates. “The market is transforming for the worse due to many domestic and global factors, including the presidential election, and may take some time to stabilize and take a more reliable direction,” says Tony D. Kamath, principal and managing director, International Valuation & Advisory LLC in New York City, a respondent to the RICS survey.

He adds, though, “In every presidential election year, the market tends to be cautious because people wait to see what the results are, and this year isn’t any exception. Hopefully, the market will improve after the election, whoever wins, when we see the outcome and future direction emerging from that.”