State of the Economy through the Lens of the NYC Office Market

This month’s speaker, Yardi System’s Paul Fiorilla, provided the NYC RPN Mastermind group with a current, clear-eye view of the office market and the current state of the U.S. economy including the essentially optimistic view due to the benefits gleaned from the new tax bill that’s boosting consumer spending. A 2.5 to 2.8% growth is expected by year end. Paul predicts the short-term effects of higher gas and oil prices as well as an increase in construction costs and consumer products will be countered by consumer spending along with GDP and productivity doing better than expected. The outlook for GDP – a measure of productivity and population growth – remains positive in the 100th month of recovery from the recession.