October 2021 message from the president of NYSCAR - by James Walker

Code of Ethics Training Deadline is Dec. 31, 2021

Realtors are required to complete ethics training of not less than 2 hours, 30 minutes of instructional time. The training must meet specific learning objectives and criteria established by the National Association of Realtors. Failure to take the training will result in suspension of membership.

Training may be completed through NAR’s online courses or through another method, such as online or classroom courses via local/state associations. NYSCAR will offer an ethics course in November and December, free of charge to NYSCAR members (watch your email for details or visit www.nyscar.org)

NAR Identifies America’s Top 10 Commercial Office Markets of 2021
Association’s latest commercial real estate report released during inaugural C5 Commercial Real Estate Summit in New York City

New York, NY (September 27, 2021) The National Association of Realtors identified the top 10 commercial office markets as of the third quarter of 2021 in its monthly Commercial Market Insights report released recently. In alphabetical order, the markets are as follows:

Austin, Texas; Boise, Idaho; Chattanooga, Tennessee; Daytona Beach, Florida; Miami, Florida; Myrtle Beach, South Carolina; Omaha, Nebraska; Palm Beach, Florida; Provo, Utah; San Antonio, Texas.

NAR analyzed 390 commercial real estate markets and found a robust recovery with positive net absorption and strengthening rents across the multifamily, industrial and retail property markets as economic production rebounds to pre-pandemic levels. The apartment and industrial sectors, specifically, are reporting historically low vacancy rates, while retail has undergone a more gradual recovery as consumers continue their return to brick-and-mortar shopping.

The office sector, however, continues to struggle, as absorption rates and rents have declined and many occupied spaces remain largely void of workers. Positive indicators have been noted in small- and medium-sized metropolitan areas, which are seeing increases in office occupancy rates that outperform most large cities and the national average.

“Even as the economy makes a steady recovery, the one sector still lagging behind has been the office market,” said NAR chief economist Lawrence Yun. “Work-from-home flexibility looks to be the defining shift of the new post-pandemic economy.Despite the overall challenges, however, some local markets are bucking the trend with more office occupancy and rising rents. A combination of strong in-migration and relatively lower cost of doing business is driving these growth markets.”

NAR unveiled the top office markets as part of its inaugural C5 Summit (https://c5summit.realestate/) in New York City. C5 – Commercial. Connect. Commerce. Capital. Community. – brings together commercial investors and influential industry leaders, including commercial brokers and developers, state and local Realtor associations, economic development corporations, government officials, REITs, and domestic and international investors. To read more, please visit https://www.nar.realtor/newsroom/nar-identifies-americas-top-10-commercial-office-markets-of-2021.

National Association of Realtors: Realtors Conference & Expo Sets The Stage for the  Real Estate Industry.

The Realtors Conference & Expo is the largest annual event for the most successful real estate professionals. Education and networking sessions cover every aspect of the real estate industry with prime speakers from around the globe.

Owned and produced by the National Association of Realtors (NAR).

James Walker, CCIM, is the current president of NYSCAR, Albany, N.Y.