The weakness in Manhattan real estate prices and store vacancies that we have been reporting on in the Trends Journal over the past year have spread across the East River to Brooklyn.
The dollar volume of real estate sales in Brooklyn last year dropped 30 percent from 2019, to $5.1 billion.
The plunge was driven largely by a shrinking market for apartment buildings, the sales of which fell by 56 percent last year, logging only $1.1 billion in sales.
TREND FORECAST: New York City, as with many major cities across the country and around the world, will need several years to rebound, and possibly longer as the economy stumbles into the “Greatest Depression.”
We continue to note, however, that interest rates will continue to decline in the America and across the globe, thus temporarily propping up both commercial and residential market sectors.
