Whether you live in Rockland, Orange, or Bergen County, no doubt you feel that things are shifting when it comes to commercial real estate in the region.
Accounting for rising raw material costs, the pandemic and its resultant supply chain issues, and rising interest rates, real estate has become complicated. You’ll need to keep an eye out for what commercial asset allocations are best for your portfolio, such as data centers and self-storage, to name a few. That’s why it is more important than ever to stay well-versed when it comes to commercial real estate trends in the greater New York Metro area.
The commercial real estate market is an incredible $23 trillion market. Disruptions to the norm cannot be ignored. New York alone contains over 2 million commercial real estate properties.
Did you know that despite downturns, the greater NYC commercial office grew from a luxury retail perspective? Opportunity fills a void, as they say.
Interestingly, those involved in commercial real estate have developed a subspecialty in not only the buying and selling of commercial real estate, but additionally being able to buy and sell businesses. This is a helpful skill given how tied a physical plant is to the business, and it extends the longevity of taking businesses to the next level.
To learn more about commercial real estate in Orange County, New York and surrounding areas, visit www.chessrealtors.com.
By Brian Wallace