2022 RAC NYSCAR President's Message

September 14, 2022

From the Desk of Dara Rennert, RAC NYSCAR President:

Trusted Colleagues:

Welcome to the 3rd quarter of 2022. It’s been a whirlwind of a year with more time to go! We have spent the last few years helping and advising our clients adapt and pivot to their changing circumstances. We have sprung into action to support their needs, to collaborate with each other and perform as expert problem solvers.
 
This year has, thus far, been a record-breaking year for many in CRE. June saw a pause in both leasing and sales due to the temporary uncertainty in the economy. The FED announced an increase in interest rates, to which the public acclimated to quickly. Although interest rates have crept up, buyers are still eagerly awaiting an opportunity to purchase a property and our region is seeing a record number of sale transactions.

Companies are expanding their manufacturing, distribution and that has resulted in a heightened demand for industrial sales. Retail is on the rise for smaller spaces as many new companies have started and some office users have transitioned to retail spaces for the convenience of customers. Medical is on the rise as well, and some traditional office spaces have been repurposed for medical users. In today's shifting market, creativity is winning!
 
We have been fortunate this year to resume our monthly in-person meetings, which has led to a greater sense of community. We have networked together, learned about some new listings and developments and, overall, been able to help our clients on a higher level.

No year goes without change, and this year is no different. We have had to implement new NYS real estate practices and. as an organization, we have educated our members on the changes and provided links to support the data.

I want to thank the amazing Board who works hard to put together great events, grow our membership, provide multiple educational opportunities and inform us of any upcoming legislation that will impact our real estate practices! 

February 28, 2022

From Desk of Dara E. Rennert, RAC NYSCAR President:

While we are a mere two months into this year, the world is moving quickly around us. First, let's take a moment to pray for those suffering and the violent attacks in the Ukraine. It's hard to watch on the news and imagine that could be anywhere and happen to any of our families.

Some thoughts to keep in mind on how it may impact our businesses. Professionally, I anticipate what is happening in Europe will affect our real estate market, with the uncertainty increasing interest rates, and thereby, lowering buyers’ budget. In addition, we may see less foreign buyers due to the uncertainty and fear that they may need their funds for their families.

On a happier note, the COVID-19 rates are drastically reduced and life is resuming a more normal feel. RAC NYSCAR was able to host our first in-person monthly meeting, and it was a smashing success. Thank you to Flaum Management for co-hosting, Mayor Malik Evans for his opening remarks and Matt Hurlbutt for being our keynote speaker as well as to all 75 people who attended! Our membership has been reaching out with great ideas for events, educational topics and overall networking, and we are so excited to deliver new events at a high level! Please see more in this newsletter for member involvement on our Committees. Stay tuned for more details on our events as they become available.

Last month, the COVID-19 eviction moratorium expired, enabling landlords to finally file for eviction for non-paying tenants. The moratorium has proven to be a huge burden for landlords as well as reduced the property's value. While the domino effects of this moratorium are far from resolved, they are on the upswing and the future is bright.

Locally, we are seeing tremendous growth in new business openings, businesses expanding and overall deals are successfully happening. I believe so much of that has to do with the professionalism and comradery that our region exhibits on a daily basis. I am proud of what we have accomplished and excited for what our futures hold.

We look forward to supporting you and seeing you at all the great events!

Warmly, Dara