Boston Office Rents 'Defying Gravity' As Lab Conversions, Leasing Stabilize Market

With less than three months before New York City’s decisive mayoral and City Council primary, nearly everyone in New York City real estate, from small landlords to corporate titans, is arming themselves for battle over the direction of the city’s future.

The stakes are so high for the real estate industry in New York City’s local elections this year that many of the 25,000 or so agents and landlords that make up the membership of the Rent Stabilization Association — between them responsible for maintaining more than 1 million apartments — have started to get involved in the city’s political races for the first time this year.

“It’s been a wake-up call for a lot of people who've sat on the sidelines for a number of years that maybe it's time to get involved,” said Frank Ricci, an executive vice president for RSA who has been a New Yorker for more than 40 years. “Property owners are trying to figure out if they should continue to try and do business here, or maybe it's easier and more profitable to do business somewhere else.”

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In Case You Missed It...

Some Texans groaned and some Texans cheered.

When Gov. Greg Abbott announced his plans to fully reopen the state on March 10, the state's commercial real estate sector probably all yelped a mighty "yee-haw."

And nearly a month later, that unbridled enthusiasm is still bubbling — even if the early data does not quite live up to the rose-tinted atmosphere still swirling around hard-charged real estate circles.

"The impact that I have seen from the reopening is probably the greatest impact event from my 17 years in the business," Marcus & Millichap Senior Managing Director of Investment for the Multi Housing Division Al Silva said when discussing multifamily's reaction to the reopening in Texas. 

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