According to the latest batch of market reports, retail rents in Manhattan are down below $400 per square foot on average, the U.S. saw a major increase in new home construction starts in October and multifamily sales finished off strong in the end of the third quarter.
October 2016 Manhattan leasing: Town Residential
The average price for a Manhattan apartment reached $4,430 in October, based on 15,384 units rented last month. Read the full report here.
New residential construction in October 2016: U.S. Commerce Department
New construction on single-family homes across the U.S. jumped 25.5 percent from September to October. With 1.3 million units added last month, it was the largest increase on record since July 1982. Read the full report here.
Fall 2016 Manhattan retail report: REBNY
Retail rents along Manhattan’s 17 most popular corridors have fallen significantly year-over-year. Average asking rents are down from $510 per square foot in Fall 2015 to $390 this season. Read the full report here.
September 2016 NYC multifamily sales: Ariel Property Advisors
Multifamily sales bounced back in September after a slowdown in sales during the first two months of the third quarter. September sales reached $1.2 billion, a 102 percent jump month-over-month. Read the full report here.