In the latest batch of New York City real estate market reports, New York City multifamily sales picked up in March, rents lowered in most of Manhattan’s major retail corridors and office leasing Downtown slowed last month. Check out more in our roundup of the the week’s market reports.
April 2016 housing starts: U.S. Census Bureau
New housing construction across the U.S. jumped 6.6 percent in April after a tepid first quarter. Single-family home construction grew 3 percent month-over-month and multifamily building starts were up 11 percent. Read the full report here.
April 2016 Manhattan residential sales: Citi Habitats
Combined condo and co-up sales across Manhattan fell 14 percent year-over-year in April, and inventory was up 10 percent. Read the full report here.
May 2016 Downtown Manhattan office leasing: CBRE
Downtown leasing activity slowed in April, with monthly leasing activity totaling 236,000 square feet. Leasing was down 48 percent below the five-year monthly average and 14 percent year-over-year. Read the full report here.
May 2016 Midtown Manhattan office leasing: CBRE
Leasing activity in Midtown totaled 1.5 million square feet in April, up 18 percent above the five-year average. Average asking rent was mostly unchanged from March. Read the full report here.
Spring 2016 Manhattan retail: REBNY
Rents lowered in most of Manhattan’s retail corridors. Soho saw the largest decline with average asking rents down from $977 in spring of 2015 to $824 this year. Read the full report here.
March 2016 NYC multifamily sales: Ariel Property Advisors
New York City’s multifamily market bounced back in March after a slow February. Dollar volume reached nearly $1.6 billion, an 86 percent increase from the previous month. Read the full report here.