NYC ranks below 18 cities in economic, real estate prospects: studyBy Steve Cuozzo
Published Oct. 22, 2023
JPMorgan Chase is spending an estimated $3 billion to erect a new headquarters skyscraper at 270 Park Ave. But according to a top analyst in the bank’s own asset and wealth management division, companies should think twice about investing too much in New York City.
The Big Apple ranks behind 18 other US cities — including such second-tier markets as Boston, Seattle and even lowly Boise, Idaho — in a bombshell “forensic analysis” of the towns’ economic and real estate prospects by Michael Cembalest, chairman of market and investment strategy for JPMorgan Asset & Wealth Management.
New York bested only shooting-gallery Chicago, depressed Detroit and empty-offices capital San Francisco in an aggregate ranking of the cities’ post-COVID 19 conditions — such as strength of downtown recovery, office vacancy, household tax rates, out-migration, violent crime and municipal fiscal health.
Cembalest — a native New Yorker who’s written his division’s “Eye on the Market” reports since 2005 — did the study at the request of a client CEO.
He recommended that his clients treat New York “the way an asset manager might treat a megacap stock in a diversified portfolio … the risks argue against too much concentration for corporate or real estate entities.”
* * *
Source:
https://nypost.com/2023/10/22/nyc-ranks-below-18-cities-in-economic-real-estate-prospects-study/
