While we still have a way to go, these three developments, ranging from the macroeconomic level to building-specific challenges, provide the market with a much-needed digestion process for realignment. The Federal Reserve's stance on interest rates offers hope for price stability on a broader scale, while the sale of Signature Bank's loan portfolio promises localized price discovery. Finally, the resolution of WeWork's fate bridges the gap in expectations, facilitating a more accurate assessment of property values.
While these challenges for building owners work themselves out, the opportunities for tenants remain ripe and compelling in Midtown.
Until next month,
Principal Broker | Noah & Co.
For the rest of our November 2023 Newsletter, click here.