D.C. real estate declines, New York again #1
This year Washington was at the bottom of the five-city U.S. ranking; it ranked 15th among global cities, down from last year when it was tenth-ranked.
Conversely, New York has returned to its long-held slots as both the #1 global and #1 U.S. city. With the exception of last year, when London nudged it into second place, New York has held the top rank, both globally and among U.S. cities, since 2010.
AFIRE member firms have an estimated $2 trillion or more in real estate assets under management.
"But unlike other cities which currently have technology and energy drivers, D.C. mostly depends on the U.S. government to keep occupancy in balance; given the current situation, Washington area real estate is the short-term, unintended victim of Federal budget tightening. On a long-term basis, Washington, as the capital city of the free world, remains a very attractive opportunity." ■