More Turbulence Expected for NYC’s Real Estate Market in 2023

January 3, 2023

An economic slowdown, rising interest rates and remote work will continue to weaken office leasing and are expected to cause the value of real estate sales to drop 15.9 percent from fiscal year 2022 to fiscal year 2023, according to a report from the New York City Independent Budget Office (IBO). A 15.9 percent drop would lower the value of New York real estate sales to $101 billion.