NYC Year in Review

New York City’s commercial real estate market confronted quite a year in 2022, and what’s to come could be even more unwieldy. Top brokers, developers and others in the field look back. Also, Florida lawmakers are in special session as of yesterday to try and rescue the state’s homeowners insurance market from near-continuous shocks.

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— Tom Acitelli, Co-Deputy Editor

NYC CRE Market Entered 2022 With a Lot of Promise and Ends With a Lot of Uncertainty

A year ago, just before the omicron variant of the coronavirus swept New York City, many office landlords believed that New Yorkers would be back in the office full time in 2022 and their pandemic worries would finally come to an end. But the year did not exactly go as expected, particularly for the office market. A combination of high interest rates, inflation and a slow return to the office have compounded pandemic-era problems for many commercial landlords in the five boroughs. Tech tenants like Meta, which fueled office leasing in Manhattan for the past few years, have also begun to give up hundreds of thousands of square feet of space, putting office owners on edge.

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Florida Lawmakers Debate Proposals to Save Cratering Homeowners Insurance Market

Florida lawmakers convened Monday for a special legislative session in a bid to rescue the state’s crumbling home insurance market. A slew of insurance companies are near bankruptcy after years of losses, and after two hurricanes hit the Sunshine State this season. At least six Florida carriers became insolvent this year, and Floridians pay the highest insurance premiums in the country, as much as four times more than homeowners in other regions, according to the Insurance Information Institute, an industry group.

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