According to the most recent market reports, median rental prices have dipped slightly in Manhattan and Brooklyn, hospitals in the city have are big spenders on construction, and national retailers are expanding their presence in the outer boroughs.
November Rental Report: Douglas Elliman
Median rental prices declined in Manhattan, Brooklyn and Queens and landlords provided more concessions in both Manhattan and Brooklyn. Read the full report here.
November Report: City Realty
The volume of new apartment sales was down in Manhattan, as was the price with an average of $2,569 per square foot. That’s 17 percent higher than last year, but 10.7 percent lower than the prior month. Read the full report here.
Q4 Multifamily Report: Marcus & Millichap
As expected, multifamily permitting is down by 50 percent relative to last year, largely due to the expiration of 421a. The price of the average single family apartment rose 13.4 percent to $1.58 million. Read the full report here.
The role of retail in placemaking: CBRE
Retail is a big driver in transforming places into destinations, and Chelsea Market is cited as a prime example in the role retail plays in “placemaking.” Read the full report here.
State of the Chains: Center for Urban Future
National retailers are flocking to the outer boroughs while pulling back slightly in Manhattan. The Bronx saw the most growth, increasing 4.2 percent to 893 stores. Read the full report here.
Inside NYC’s hospital building boom: New York Building Congress
Hospitals spent more than $6 billion on construction from 2013 through 2015 to expand and update existing facilities. Read the full report here.
Manhattan Snapshot: Colliers International
Overall, office leasing in Manhattan was down 4.2 percent in November and 16.2 percent year-over-year. The largest lease was law firm Hogan Lovells scooping up 206,720 square-feet at 390 Madison Avenue. Read the full report here.
Manhattan office market reports: CBRE
Availability is up in Midtown South, with subleasing comprising 27 percent of availability. Downtown leasing activity was slow last month as the market waits for big deals in the pipeline to close. Read the full reports for Manhattan, and for submarkets in Downtown, Midtown, and Midtown South.