Market Research Report: New York City – Q4 2016

Job creation still supporting positive outlook; robust delivery schedule weighs on vacancy and rent growth.  New jobs are consistently being created in the New York City economy, even as the pace of hiring has slowed over the past year.  As a result, demand for local housing has remained high, particularly in the core areas of Manhattan and Brooklyn where mortgage payments are far above rental rates.  As a result, multifamily development has risen to a cycle high, with the vast majority of supply growth slated for Manhattan and Brooklyn.

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