Reported by Yale Fishman attorney, the overseas investors in commercial real estate, are increasingly investing in regional urban centers of New York.
What does the report from Fishman ESQ say?
According to a recent report by the international associates consulting firm for real estate CBRE ESQ, Yale M Fishman attorney associates who is experienced economist with degree in financial economics from New York and more than 20 years experience in the field of real estate investments explains this trend: these investments, result from the lack in the first-class real estate supply in central New York. This growing trend is primarily related to the large investment opportunities in regional centers in New York, said Fishman.
In the NY in the first quarter of 2014 3.4 billion dollars were invested, claims Yale M Fishman attorney, which is an increase of five percent compared to the same period last year. Nearly three-quarters, 74 percent, of the total investment in the first quarter of 2014 was invested in real estate outside of New York, which is the highest investment since the fourth quarter of 2011. In the first quarter of last year, the investments in real estate outside of New York were 61 percent, explains Martin Fishman.
The statistics presented by Yale Fishman show that foreign investors invested about 1.2 billion euros in the first quarter of 2014, while most transactions, nine of them, have been made investors from Asia and the Middle East.
According to Y. Fishman, the raising trend in investments in regional centers of NY state began in the second quarter of 2009 when these investments amounted to seven percent, and ended the first quarter of 2014.
Investments in real estate outside of New York are historically the largest in the first quarter of 2009 when they were to 83 percent of total investments in the state. Consequently, Yale M. Fishman believes that if the current level of investment continues as potentially positive trend, then the rest of the state is expecting a significant increase in investment in 2014.
“New York, at the end of last year was the target of significant international investment, especially from Asia and the Middle East, due to the desire of foreign investors to buy first-class real estate in one of the leading cities in the world”, explained Mr. Fishman.
Total US commercial real estate market has started the year successfully with 68.9 billion dollars in investments in the first quarter of 2014 which is an increase of 21 percent compared to the first quarter of 2013 and the highest level since the first quarter of 2008, concludes Fishman.