The Real Deal New York

The week in real estate market reports

A weekly feature bringing you the industry’s latest intel
By Kyna Doles | April 15, 2015 01:00PM

The latest batch of reports from around the industry found that finance, law and tech companies dominated the Manhattan office market during the first quarter of 2015 and the average rent for a Manhattan apartment in March was nearly $3,900.

Residential

March 2015 Manhattan residential rentals: MNS

The average rent in Manhattan rose 1.7 percent from February to $3,899 in March, according to a monthly report from MNS. In Harlem, rental prices were up 17.7 percent year-over-year, the greatest price jump in the borough. View the full report here.

March 2015 Brooklyn residential rentals: MNS

Brooklyn rents remained stable, with the average price increasing 0.38 percent from February to $2,711 in March, according to a monthly report from MNS. Inventory was up slightly from February, growing 0.6 percent to 2,984 units in March. Boreum Hill had the greatest year-over-year rent increase in the borough. View the full report here.

March 2015 Queens residential rentals: MNS

The average rent for a Queens apartment in March fell 0.3 percent from the previous month to $2,082, according to a monthly report form MNS. Inventory increased 6.6 percent from February to 889 units. While rent prices remained largely unchanged month-over-month in the borough, the price for a studio in Astoria rose 7.6 percent. View the full report here.

Manhattan luxury contracts March 30-5, 2015: Olshan Realty

Twenty-six contracts were signed during the first week of April for Manhattan apartments priced $4 million and above, according to the Olshan Luxury Market Report. Bon Jovi’s penthouse at 158 Mercer Street, which had an asking price of $37.5 million, was the week’s priciest contract signed. The average asking price for the week was $8.8 million. View the full report here.

Office

1Q 2015 manhattan office leasing: Colliers International

The average asking rent for Manhattan offices was $67.62 per square foot in the first quarter of 2015, a 6.3 percent jump from the previous quarter, according to a quarterly report from Colliers International. Nearly 8.3 million square feet of office space was leased during this quarter, a 30 percent decline from the square footage leased during the same time last year. View the full report here.

2014 Manhattan office condominium sales: Rudder Property Group

Manhattan office condominium sales hit a record high in the last six months of 2014, totaling $199.6 million, the highest dollar volume during this period and 40 percent greater than the five year average, according to a report from RPG. Square footage sold in second half of the year totaled 346,388, more than double the amount in the first half of the year. View the full report here.

1Q 2015 Manhattan office leasing: CBRE Group

Finance, law and tech companies dominated the Manhattan office market in the first quarter of 2015, according to a quarterly report from CBRE Group. The industries accounted for 45.1 percent of the office market. Overall asking rent averaged $68 per square foot, a 7 percent increase year-over-year. View the full report here.