
Donald M. Pepe
Partner
732-568-8370 dpepe@sh-law.comFirm Insights
Author: Donald M. Pepe
Date: January 18, 2022
Partner
732-568-8370 dpepe@sh-law.comLast year, COVID-19 continued to impact commercial real estate transactions in New York City and throughout the United States. While some sectors quickly rebounded, others continued to struggle. Thankfully, the projected influx of foreclosures and bankruptcies largely never materialized, and the forecast for 2022 is looking up.
Below are some of the commercial real estate developments that we discussed over the past year:
Looking ahead to 2022, the commercial real estate market appears poised to rebound, even in the face of the new Omicron variant. Improved demand for both office and retail space is encouraging, with New York City commercial leasing activity increasing 18% in Q2 2021.
As the commercial real estate market recovers from the pandemic, some changes may be here to stay. As we discussed here, even when the COVID-19 pandemic is over, many employees will not be returning to the office. At least, not full-time. The transition to remote and hybrid work models is forcing many businesses to rethink their use of office space, which will impact both inventory and prices. Businesses that are looking for all types of commercial space are increasingly looking for buildings with modern HVAC systems and touchless technology. It’s important for building owners to take these new trends into account to stay competitive.
Given how quickly the market and legal landscape continue to change, we encourage landlords, tenants, and lenders to be proactive in following legal updates. For in-depth guidance, we advise you to contact a member of Scarinci Hollenbeck’s NYC commercial real estate practice group at 201-896-4100.
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