New York’s Bold Bet, Mixed Signals, and CRE’s “Back-ish” Recovery

The CRE Weekly Digest by LightBox

Everyone in New York is wondering the same thing: what will Mayor-elect Zohran Mamdani’s win mean for the city—and for commercial real estate? Manus Clancy and Dianne Crocker dig into how his campaign promises on affordable housing, rent freezes, and tax hikes could reshape investor sentiment and property values in the country’s largest CRE market. They also discuss a week filled with contradictions, from job data that exceeded expectations to major companies announcing new rounds of layoffs, along with a federal government shutdown now reaching record length. Dianne shares highlights from the Real Estate Finance Association’s Connecticut event featuring Manulife’s Victor Calanog, who offered a surprisingly upbeat message: “CRE is back-ish.” That tone aligns with LightBox data showing October’s CRE Activity Index holding steady despite persistent headwinds. Also in focus are a $560 million Miami solar-integrated condo tower, Manhattan’s leasing surge, and a record $7.2 billion medical office portfolio deal. The episode closes with a Veterans Day “slice of life” and an unexpected question: is the Pentagon considering leasing land at Camp Pendleton?

01:06 New York City's New Mayor: Implications for CRE
06:21 Economic Data and Market Trends
11:07 Positive Developments in CRE
16:46 Labor Market Insights and Layoffs
20:10 Recent Deals and Market Activity
31:55 Veterans Day and Community Impact

Have questions for the pod team? Send them to [email protected].

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