New York and Other Cities

August 26, 2021
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New York

Many have been betting on the resurgence of urbanization for some time. See Blackstone's Jon Gray back in October, for example.
 
It's apt, then, that Blackstone has issued a vote of confidence in Manhattan's prime residential market by issuing Related Companies with a $258m credit facility to refurbish an apartment building in Tribeca - see the FT piece.
 
There were 3,417 sales in Manhattan during the second quarter, making it the busiest quarter since 2015. Though many of the reasons for the rebound are New York-specific, which were explored in detail here, the resumption of urbanization across global cities will be a dominant theme over the next twelve months. 

Other Cities

Each year our partner Knight Frank polls homebuyers globally to get early insights into how demand for housing is shifting. This year's edition, based on responses from 900 clients, provides a unique insight into the impact Covid-19 has had on housing markets around the world.
 
Kate Everett-Allen explores some key findings. One in five global buyers say they've moved since the beginning of the pandemic, rising to one in four in Australasia and North America.
 
Of those that have yet to move, 20% say they are more inclined to move in the next 12 months, suggesting housing markets will remain busy this year. Perhaps most interestingly is the extent to which cities are back in favor. Of those that are more inclined to move in the next 12 months, 38% are looking at a city location, while 33% are considering the suburbs.

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