2025 Year in Review: Jason Horowitz, Triforce Commercial Real Estate LLC

What transaction, project, or key moment best reflected the direction of the New York CRE market this year? It’s tough to single out just one transaction or project, because this year we’ve closed deals with a really wide range of retailers and businesses - many of whom are optimistic about the future of New York and the region. What stands out most to us isn’t one “marquee” moment, but a pattern: tenants and owners who are still willing to make real commitments when the location, layout, and economics make sense. We’ve seen everything from service retail and food operators to professional offices and light industrial users step up, invest in their spaces, and sign long-term leases.

What emerging trends or shifts will shape opportunities for you, your firm, or market sector in 2026? Needs-based users - medical, service/retail, food, trades, logistics - are still doing deals and, as rates stabilize, we think more of them will upgrade locations and commit to longer terms. At the same time, more owners are finally accepting today’s pricing and rethinking their assets: converting weak office into medical or education, refreshing older retail, and investing in real improvements instead of just waiting it out. We also see small and mid-sized investors coming back in as values reset and financing becomes a little more predictable.