In the latest batch of New York City real estate market reports, Downtown Brooklyn could see a rise in office vacancy as occupancy costs rise, and Manhattan’s luxury ZIP codes are seeing a slowdown in rent growth. Check out more in our roundup of the week’s market reports.
Luxury apartment rent growth: Zillow
Rent growth slowed in 85 percent of New York City’s luxury ZIP codes, as an excess of supply lowered new development prices. Read the full report here.
June 2016 national rental report: Zumper
New York City saw rental prices for one- and two-bedroom apartments increase 4.8 percent and 3.1 percent year-over-year, respectively. Since April, prices dropped 1.2 percent for one-bedrooms and 1.6 percent for two-bedrooms. Read the full report here.
Manhattan luxury contracts May 23-29: Olshan Realty
Manhattan’s luxury market saw a 7 percent chop from the average asking price for contracts signed during the last full week of May. Read the full report here.
Q1 2016 Brooklyn and LIC office leasing: JLL
Vacancy in Downtown Brooklyn could be on the rise, with asking rents only 12.7 percent cheaper than Lower Manhattan. Overall gross asking rents in the area hit $50.42 per square foot in the first quarter of 2016. Read the full report here.
May 2016 Manhattan office leasing: Newmark Grubb Knight Frank
More than 3 million square feet of office space was leased in May, on par with the monthly average. Financial tenants signed four of the five largest deals last month. Read the full report here.
June 2016 Downtown Manhattan office leasing: CBRE
Leasing activity in May totaled 221,000 square feet, down 51 percent from the five-year monthly average. Average asking rent was virtually unchanged from the prior month at $57.55 per square foot. Read the full report here.
June 2016 Midtown Manhattan office leasing: CBRE
Midtown leasing activity totaled just under 1 million square feet in May, under the five-year monthly average of 1.3 million square feet. Average asking rent was $81.18 per square foot, unchanged from the previous month and up 5 percent year-over-year. Read the full report here.