2025 Year in Review: Rob Koonin, Polsinelli PC

What transaction, project, or key moment best reflected the direction of the New York CRE market this year? 

The New York office market is back ... but only for Class A or “trophy” assets. Quality office buildings are seeing leasing volume well above historic averages with strong demand from major corporate tenants. However, Class B/C buildings are in distress. Over the past year, our team has handled the purchase and sale of numerous office buildings in New York City. For 2026, we expect to see a tale of two cities, with a booming office market for quality/renovated buildings, and increasing vacancies and declining values for Class B/C assets. There is a clear bifurcation based on quality.

What emerging trends or shifts will shape opportunities for you, your firm, or market sector in 2026? 

The continued and sustained senior living transaction volume across the United States has been the most impressive growth story for our group in 2025 (which we expect will continue into 2026 and beyond). Our team handles senior living deals (both lender and operator) across the entire continuum of care (independent living, assisted living and skilled nursing) and these transactions are showing no signs of slowdown. Occupancy rates are strong, new inventory is limited, and the demand across the US has never been greater (especially in light of the aging U.S. population).