According to the latest batch of market reports, Manhattan is getting 20 million square feet of new office space over the next five years, the number of multifamily deals continued to fall and one Williamsburg retail corridor saw the biggest jump in asking rents.
National apartment sizes: RCLCO
Newly-built apartments are getting smaller across the U.S. The average size of an apartment across 20 of the country’s top metro areas shrunk 70 square feet (7 percent) since 2010. Read the full report here.
Summer 2016 Brooklyn retail report: REBNY
Williamsburg’s North 6th Street corridor saw the biggest increase in retail rents. Average asking rents along the corridor reached $259 per square foot this summer, a 24 percent jump over the last 12 months. Read the full report here.
July 2016 NYC multifamily sales: Ariel Property Advisors
The number of multifamily deals in New York City continued to decline in July as prices strengthened. Sales of multifamily buildings totaled $1.1 billion for the month, a 6 percent decrease in dollar volume year-over-year. Read the full report here.
NYC office construction: New York Building Congress
Developers will add more than 20 million square feet of new office space in Manhattan between 2016 and 2021. Nearly 10 million square feet will be added in Brooklyn. Read the full report here.
NYC construction accidents: Office of Mayor Bill de Blasio
Construction accidents rose for the fourth consecutive year. Between June 2015 and June 2016 the city saw 526 construction-related accidents, a 62 percent jump over the same period last year. Read the full report here.