News
WORLD'S FAVORITE $$$ TARGET: NYC
February 27, 2012
| This morning, Cushman & Wakefield announced that New York is now the top target for commercial property investment, attracting more capital than any other city on earth. (This, we learned firsthand, does not mean money literally falls on us from the sky.) |
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| New York's $28.2B took it past London ($27.1B) and Tokyo ($18.6B). (Can we consider this a prelude to the Olympics, where the US will continue its dominance?) Add industry darling multifamily property, and the spread gets even bigger: NY with $35.7B, London with $29.2, and Tokyo with $22.6B. C&W's report also says worldwide commercial transaction volume is up 83% over '09. Still, Asia was the most active region, with 50% of the world's $727B of trades; $808B if you include multifamily). The overwhelming majority of Asia's transactions were land sales. |
