June 23 | The Lead Indicator

Construction Lending and Manhattan Exceptionalism | Outside of the apartment sector, where fundamentals have strengthened in the context of a moribund housing market, there is ample reason for developers in most markets to hold off on new construction projects until asset prices and space demand show signs of sustainable improvement. The data confirm that, at least for now, construction and related lending remain subdued. As Sam Chandan explains in his column, the extraordinary rebound in Manhattan’s trophy office prices is driving the exception, motivating new development that will ultimately capture a disproportionate share of the city’s absorption.

Read Dr Chandan's analysis of current development trends in the New York Observer column, Construction Lending and Manhattan Exceptionalism.