Zelnik states that ten million square feet of vacant office space is converting to residential, driven by housing shortages and outdated properties requiring rezoning to accommodate modern needs.
He highlights that while vacancy rates are low and people continue to move in, the astronomical rental prices, such as $4,100 for a studio, reflect a cutthroat real estate environment.
Zelnik describes the real estate industry as cutthroat, with clients often switching brokers rather opportunistically, and stresses the importance of written agreements to safeguard business interests.
He notes the evolving demands for living spaces, mentioning amenities like scooters and gyms, indicating a shift in consumer preferences for community-oriented environments.
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