New York City has been one of the strongest markets for hotel rooms in the U.S. But developers finally opened enough new hotel rooms in 2019 to reduce the occupancy rate. The outlook for 2020 was uncertain. Developers planned to open even more new rooms with New York’s economy projecting continued growth. The outlook became even more uncertain in early March.
Foreign investors continue to view U.S. commercial real estate as a solid investment, with multifamily and industrial properties remaining their favored picks, according to the results of the 28th annual survey conducted by the Association of Foreign Investors in Real Estate (AFIRE) and the James A. Graaskamp Center for Real Estate at the Wisconsin School of Business. Survey participants pointed to low interest rates, continued capital markets liquidity and the low U.S. unemployment rate as reasons for their confidence in the performance of U.S. real estate assets. (Since the initial survey was conducted before COVID-19 became an issue of global concern, the organizations are now conducting a follow-up survey on its potential impact on investment trends).
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David Bodamer sits down with Walker & Dunlop's Adam Schwartz to talk about the recent deal that brought Schwartz and his partners to the firm and the state of the New York market.
President Trump orders a Chinese company to sell its ownership of a software company used in U.S. hotels and casinos, reports the Wall Street Journal. The coronavirus’ impact on supply chains will be bigger than expected, according to MarketWatch. These are among today’s must reads from around the commercial real estate industry.
