New York Runs Second to D.C. in Pricing Recovery
Here in New York we like being the best at things, and that’s why this one hurts: According to a guide issued by CoStar today, Washington, D.C., took the top spot in commercial real estate pricing recovery with a 15 percent increase in 2010, while New York saw three quarters of growth and a fourth quarter where prices dropped 2 percent. Pricing did, however, icrease 6 percent above its market low in 2010.
A minor defeat, we’re sure.
It seems we New Yorkers are just going to have to take solice in the fact that CoStar still has us sitting atop the top 10 metropolitan markets for office, retail and multifamily real estate investment. We came in second to L.A. in industrial.
The report was based on data collected through the end of December 2010 on repeat investment sales.