Commercial Real Estate transactions in Western New York may be down from 2014 in terms of overall dollars; however, the number of deals has increased in 2015. In a market not known for products trading hands, in comparison to southern states such as Florida, there has been a flurry of activity this year with numerous notable projects and high profile developers.
With downtown properties in high demand areas, such as the Elmwood Village exchanging hands, many local borrowers and lenders will be watching. As national institutions and appraisers have seen more aggressive cap rates locally, in part due to the resurgence of the Buffalo Central Business District, many will be focused on whether this trend will continue into 2016. While it is difficult to predict where the market is headed, it is certainly a booming time for local developers.
William Vogel III
Cornell Certified, Hotel Investment & Asset Management
Phone: (716) 204-2207