Kaufman Provides 2024 Commercial Leasing Market Insights
Pryor Cashman Partner Bradley Kaufman, a member of the Real Estate Group and co-chair of the Leasing Practice, contributed to an article for Thomson Reuters Practical Law.
In “Commercial Leasing – Trends and Predictions (2024),” Brad and his co-contributors provide an outlook for the year ahead, which “is improving, and many market participants remain optimistic, predicting increased deal flow by the second half of the year. Interest rates seem to have normalized, or industry insiders are accepting that rates will be ‘higher for longer.’”
Brad notes that the biggest takeaways from the 2023 market were “Slow deals. Frenetic deals. Indecision,” and he discusses the forecast for retail leasing in 2024:
The old hot spaces, such as Fifth Avenue, Madison Avenue, and SoHo in New York City, have become red hot again. We are seeing bidding wars on the most desirable corners, and many of the highest-end luxury retailers are even buying buildings on these hot streets. I have not seen the move to supporting digital on central business district or so-called “Street Deals,” but I have seen this to a significant degree with large, national mall owners.
Read the full article using the link below (subscription may be required).
