Real estate industry confidence skyrockets as commercial deals rebound

It was the worst of times, but now the industry is hoping for the best of times.

After an upside-down year of stalled investments, renegotiations of office leases, low residential rent collections and mixed results for retail (grocery and convenience stores thrived, while mom-and-pop shops and restaurants went belly up), the real estate industry is focused on making commercial spaces inviting for employees and customers.

“The operative word is ‘optimism,’ ” said James Whelan, president of the Real Estate Board of New York (REBNY). “There is a real sense that things are heading in the right direction.”
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RSK: If it is happening in NYC it is happening here as well. Commercial property is a hot commodity on the for sale side as well as leasing.