New York Metro region senior director Jonathan Fiato contributed to New York Real Estate Journal’s Year in Review spotlight, sharing 2022 accomplishments and emerging trends for 2023. Read his insights below and on New York Real Estate Journal here.
What person, project, transaction or market trend had the greatest impact on your industry this year? In the race for tenants, premier developers are incorporating high design in properties. Amenity spaces are mandatory in class A buildings; class B buildings must redevelop into class A to compete. This year, we completed The Diagrid Club amenity floor at L&L Holding’s 425 Park Avenue and multiple projects at SL Green’s One Vanderbilt.
What was your greatest professional accomplishment or most notable project, deal, or transaction in 2022? The diversification of our project sectors is setting us up for continued, sustained growth—from work with Taconic Partners at the Hudson Research Center on the West Side to City Harvest’s Cohen Community Food Rescue Center in Brooklyn to the repositioning of 712-718 Fifth Avenue for Paramount Group.
What emerging trends will drive investment and development in 2023? The office market is permanently changed, and still evolving. In the city, spend and redevelopment are going to focus on mixed-use and multi-family. Suburban properties will be converted into more commercial space with a diversity of tenants, including storefront medical, life sciences, office, retail, and restaurants.