Over the past two weeks, rates have declined dramatically purportedly due to fears of a recession. Friday’s move was particularly stunning for the scale of the move and for the degree of intraday volatility. I put forth here a theory of what is going on:
Labor markets still going strong in the U.S. Job openings - a solid predictor for job growth & demand for #CRE space - hovering at record highs. The quit rate also remains elevated – people don’t quit their jobs unless there are lots of opportunities. Still good. @Cushwake
Since when did government building necessary infrastructure count as an “incentive?” And is providing a “tax break” in an area where there were no taxes collected before really a tax break? There is no parallel between Hudson Yards and Amazon. https://t.co/iJVkujjbIv
Millennial trends, labor costs, tax incentives, a tight labor market and more…all of these factors are impacting #NewJersey’s #CRE markets. @CushWake experts weighed in on how these markets performed (via @NJBmagazine). https://t.co/sB1NN27TBq
At #abny breakfast, @andrewcuomo all in for congestion pricing. Amen to that!
Incidentally, I’m getting a new subway station today by my house, and I have to say, these infrastructure projects sure do feel good when they are finished. 🚇🎉🙌