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The week in real estate market reports
A weekly feature bringing you the industry’s latest intel
According to the latest batch of market reports, landlords offered more concessions for apartment rentals in July and Lower Manhattan will add more than 2.3 million square feet of retail space by the end of July 2019.
Residential
July 2015 residential rentals: Citi Habitats
Landlords offered more concessions in July and Manhattan’s vacancy rental rate was up to 1.9 percent. Read the full report here.
August 2016 residential sales: CityRealty
Condo and co-op sales averaged $2.1 million in July, on par with the prior month. The number of recorded sales jumped from 906 in June to 1,086. Read the full report here.
Commercial
Q2 2016 Lower Manhattan NYC: Alliance for Downtown New York
Lower Manhattan has more than 2.3 million square feet of retail space in the pipeline, 670 condo units are expected to open by the end of the year and median rents saw greater quarter-over-quarter increases than comparable neighborhoods. Read the full report here.
July 2017 Manhattan office leasing: Newmark Grubb Knight Frank
Average asking rent was up 8.6 percent year-over-year to $76.57 per square foot in July, while leasing activity, totaling 2.4 million square feet, mirrored last year’s total. Read the full report here.
Hudson Yards neighborhood report: Ariel Property Advisors
Manhattan’s Hudson Yards will see the construction of 5,000 new apartments and 10 million square feet of office space. Average asking rent for Class A office space in the neighborhood is at $74 per square feet, down 2 percent from the first quarter of the year. Read the full report here.