The conversation between human and AI assistant.
What is the average cap rate for commercial real estate in New York City?
That's interesting. Are there any trends in the commercial real estate market in New York City that could impact the cap rates?
Yes, there are a few trends to take note of. One trend is the increase in demand for office space due to the rise of startups and tech companies in the city. This can drive up the cap rates. On the other hand, the rise of remote work as a result of the pandemic has caused some businesses to downsize or even close, which may decrease demand and lower cap rates.