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The week in real estate market reports
Landlords are slashing rents and leasing activity in Midtown nearly doubled in February, according to the latest batch of New York City office market reports. Check out more from the office recaps and monthly residential sales analysis in our roundup of the week’s real estate market reports.
Residential
February 2016 U.S. existing home sales: National Association of Realtors
Existing home sales fell in February after reaching its highest annual rate in six months. Transactions fell 7.1 percent to 5.08 million homes in February. Read the full report here.
February 2016 Manhattan and Brooklyn residential sales: StreetEasy
Prices are still rising in Manhattan and Brooklyn, but the boroughs could see an eventual slowdown in the coming months. Sale prices grew at a higher pace than rents in both areas. Read the full report here.
Manhattan luxury contracts March 14-20: Olshan Realty
Luxury home sales were up for the second consecutive week during the third week of March. Twenty-eight contracts were signed for homes priced $4 million and above, the most active week so far this year. Read the full report here.
Office
Q4 2015 New York City office leasing: Savills Studley
Office rents are falling across Manhattan. Average rents in Midtown Manhattan’s top buildings fell to $87 per square foot in the fourth quarter, compared with $91 in the third quarter. Leasing totaled 7.1 million square feet in the last three months of 2015, up from the prior quarter but below the long-term annual average. Read the full report here.
March 2016 Downtown Manhattan office leasing: CBRE
Downtown’s year-to-date net absorption increased by 408,000 square feet in February. Rents were unchanged and leasing activity slowed. Read the full report here.
March 2016 Midtown South Manhattan office leasing: CBRE
Leasing activity totaled 540,000 square feet in February, and availability fell back below 8 percent. Read the full report here.
March 2016 Midtown Manhattan office leasing: CBRE
More than 1.4 million square feet was leased in February, double that of January’s leasing activity, and 10 percent above the five-year monthly average, Read the full report here.