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Office Development Activity in New York City - Essay Example

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The real estate market in New York has definitely slowed down this quarter compared to what has been happening in the last one decade. There are many theories why the slow down is happening in the market. At the same time, the passion for real estate has not died down in America and Americans still want to own a piece of New York under all counts…
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Office Development Activity in New York City
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Download file to see previous pages The building costs themselves have slowed down after the much talked about real estate bubble (Tom Acitelli, Sep 2006). However, the cost of the properties has gone for a spin and has risen to levels well beyond one hundred and forty percent of the GDP.
In this paper, we will analyze the growth of the real estate business specifically the commercial properties and the way they have been rising (and falling, if any) before we go on to take a look at the current days. Subsequently an analysis of the current scene would let us know the future trends. There will also be a short analysis of the status of the rental of offices and the fluctuations in the rental pricings specifically in the New York region. Finally, a short comparison between the rental and the ownership market of the real estate will be taken up to check which would be the best option for an office to go in the current scenario. All these will be presented in here for analysis and study.
In order to trace the rise and fall of a market, it is always useful to monitor the change that is happening in the market for the last ten years at least. ...
Figure 1: The stock market bubble (dot com) and the Real Estate Assets from left to right.
The last ten years have seen the change in the price of real estate stock steadily increasing and gathering speed after the dot com crash. This was an investment option that people have taken to after the crash not knowing where to put their money in. More over it is also seen that the real estate, unlike dot com where most of the investors were speculators, here most of the people are investors for life time. Many things went in line with the investment. Interest rates were attractive and it worked out cheaper to buy a house rather than to lease it out.
Economic Status
The economic status of the country and of its people also plays a vital role in the real estate rental and cost. Normal indexes that are compared or monitored for this purpose are mortgage rates, Consumer Price Index, job creation, productivity, federal deficit and consumer confidence apart from payroll and other social considerations. In addition GDP is also an indicator of the change in economic status and the price of the real estate or the rental of the real estate.
(Miller Samuel, 2006)
Figure 2: GDP and Manhattan Median Sales Price
The green on the graph is the US Gross Domestic Product while the Red is the Manhattan Median Real Estate prices year on year growth percentage marked on a quarterly basis. This clearly shows that the price variation in the market has been directly linked to the GDP variations in the last 10 years. Variation in the GDP has accounted for a similar change in the Manhattan prices. There might have been shorter and smaller variations at times, but by and large, it has been ...Download file to see next pagesRead More
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