Residential rents are slowing in Manhattan and apartments are staying longer on the market, according to the latest Douglas Elliman residential rental report. Manhattan office leasing activity steadied last month and developers are spending more on new Brooklyn office projects. Check out more from February’s rental recap and office market snapshots in our roundup of the week’s real estate market reports.
February 2016 Manhattan, Brooklyn and Queens residential rentals: Douglas Elliman
While rental prices are slowing in Manhattan, Brooklyn and Queens are seeing a bigger uptick in year-over-year rent growth and more inventory hitting the market. Read the full report here.
Manhattan luxury contracts: Feb. 29-Mar.6: Olshan Realty
Sales for Manhattan luxury hopes slipped in the first week of March compared to the prior week and during the same period last year. Buyers signed 20 contracts for apartments and townhouses priced $4 million and above. Read the full report here.
February 2016 Manhattan office leasing: Newmark Grubb Knight Frank
Nearly 3 million square feet was leased in February, and six of the 10 largest office deals in Manhattan involved TAMI tenants. Read the full report here.
February 2016 Manhattan office leasing: Cushman & Wakefield
Manhattan office leasing activity and asking rents rose in February. Since the start of the year, 4.4 million square feet of office space was leased, up 3.2 percent from the prior year. Overall asking rents in the borough reached $72.80 per square foot. Read the full story here.
Brooklyn new development pipeline: GFI Realty Services
Developers pumped more than $1 billion into Brooklyn’s office market in 2015 and 42 new office developments are coming in the next two years. Read the full report here.
New York City construction outlook: New York Building Congress
New construction costs rose to $40.9 billion in 2015, nearly twice the national rate but below the height of the housing boom of 2006 and 2007. Read the full report here.
Fifty years of historic preservation in New York City: NYU Furman Center
More than a quarter of Manhattan properties are designated as historic districts, whereas only 1 percent of properties in the Bronx, Queens or Staten Island are protected under landmarks law. Read the full report here.