Manhattan, LA and Chicago lead retail investment sales

NYC is nation’s number one with $6.5B transaction volume

New York /
May.May 21, 2015 09:30 AM

Manhattan came out ahead of the rest of the country in the retail investment market last year with a total transaction volume of $6.5 billion, according to a new report by Cushman & Wakefield.

Los Angeles was a close second, with sales volume of $6.2 billion, and Chicago was third with $3.1 billion. The figures all represent retail investment sales volume for the year ending with the first quarter of 2015.

The next biggest markets were Dallas ($2.5 billion) New York City’s outer boroughs ($2.4 billion) Miami ($2.1 billion), Atlanta ($1.9 billion), and Northern New Jersey ($1.8 billion).

The volume of all first-quarter transactions across the country was up 5 percent from last year to $24 billion, and the average per-square-foot price increaed to $230, a 14 percent increase, according to the report.

“As unemployment falls and incomes begin to rise again, Americans are cautiously loosening the purse strings,” said Gene Spiegelman, head of North America retail services for Cushman & Wakefield, in a statement.

“Improving demand across the country — coupled with an ongoing restraint in new supply — should keep investors interested for quite some time.”

Construction of new inventory is slow, decreasing to 43 million square feet currently under construction in the first quarter from 57.2 million in the first quarter of 2014. Retail vacancies decreased very slightly, half a percentage point to 6.1 percent.

Manhattan investment sales in general, not limited to retail, hit $55.8 billion in 2014. [PRESS RELEASE] — Tess Hofmann


Related Articles

arrow_forward_ios
Finding Forrester
Finding Forrester
Finding Forrester
Cushman & Wakefield's Brett White and John Forrester
Cushman explains its high hopes for WeWork partnership
Cushman explains its high hopes for WeWork partnership
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman predicts widespread return-to-office in early 2022
Cushman predicts widespread return-to-office in early 2022
Cushman predicts widespread return-to-office in early 2022
WeWork CEO Sandeep Mathrani and Cushman CEO Brett White (WeWork, White by Louise-Haywood Schiefer)
WeWork, Cushman negotiating $150M partnership
WeWork, Cushman negotiating $150M partnership
Cushman & Wakefield's Doug Harmon and Adam Spies (Cushman, Getty)
Cushman’s top sales brokers negotiating new contract
Cushman’s top sales brokers negotiating new contract
Cushman & Wakefield's Brett White and John Forrester
Cushman & Wakefield announces new CEO, revenue back to pre-pandemic levels
Cushman & Wakefield announces new CEO, revenue back to pre-pandemic levels
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...