New York Places Second in Race for CRE Recovery

New York City's commercial real estate market showed increased stability in the third quarter, according to a report from Moddy's. The New York City market scored a 76 on Moody's CMBS index, ranking it second-best among the cities tracked. Honolulu scored a 78. Commercial real estate markets continued to improve nationwide in the third quarter, the report shows, with all property types tracked showing an improvement. The hotel sector showed the greatest improvement, while the central business district office market showed a five-point gain, reaching a 60-point index score. Moody's analysts are cautiously optimistic. "In general, the commercial real estate markets remain in the uncertain range," said senior analyst Keith Banhazl. "However, the future appears to brighten with each passing quarter," he noted.