2022 Year in Review: Dan Marks, TerraCRG

What person, project, transaction or market trend had the greatest impact on your industry this year? One, the rapid increase in interest rates. The increases over such a short period of time, have transformed the market almost overnight. Second, the expiration of 421-a and lack of legislation to replace it. This not only affects the market, but also the supply of affordable housing in the future.

What was your greatest professional accomplishment or most notable project, deal, or transaction in 2022? Following up on a strong 2021, my team continued to be one of the most active brokers for industrial property sales in Brooklyn. This is not only due to the continuing demand for industrial properties remained but also our unique and strong commitment and focus on Brooklyn.

What emerging trends will drive investment and development in 2023? Buyers need to have confidence they can secure debt and accurately predict/underwrite interest rates while sellers need to adjust their pricing expectations in this new rate environment. In these types of markets brokers play a significant role in price discovery and finding a new equilibrium. We look forward to 2023!