The week in real estate market reports

A weekly feature bringing you the industry's latest intel

New York /
Jan.January 12, 2017 03:30 PM

The week’s market reports looked back at 2016, which Avison Young called a “hangover” year. Median rental prices dropped in Manhattan, Brooklyn, and Queens, as did median sales price in Manhattan. Investment sales dollar volume in Manhattan dropped a whopping 38 percent to 38.9 billion, but leasing volume remained stable. Nationally, CMBS issuance dropped 30 percent and the foreclosure rate dropped to a 10-year low.

Residential

Manhattan sales: Douglas Elliman
For co-ops and condos, median price was down 8.7 percent relative to 2015, to $1.05 million, luxury supply declined as did resale inventory, but new development inventory pushed the median price up 9 percent. Read the full report here.

Manhattan, Brooklyn and Queens rentals: Douglas Elliman
Rental prices decreased in all boroughs; 0.3 percent in Manhattan, 1.3 percent in Brooklyn, and 6.6 percent in northwestern Queens. Read the full report here.

FiDi report: Platinum
In the Financial District, the average price per unit hit $1.2 million, an increase of 4.8 percent, one-bedrooms accounted for 42 percent of sales, and sales volume was down 17.2 percent compared to 2015. Read the full report here.

Improving access to affordable housing: NYC HPD and DCA
In New York City, 56 percent of renters pay more than 30 percent of their pre-tax income, and a third pay more than half, and vacancy rents are at “emergency” levels, defined as below 5 percent. Read the full report here.

Residential foreclosure report: CoreLogic
Approximately 325,000 homes in the U.S. were in foreclosure as of November 2016, a 30 percent decline compared to November 2015. The foreclosure rate of 0.8 percent is back to June 2007 levels. Read the full report here.

Foreclosure report: RealtyTrac
Foreclosure rate fell to a 10-year low nationally. New York County had one of the highest rates of legacy foreclosures, with 74 percent of foreclosures originating in mortgages made in 2006 to 2008. Read the full report here.

Commercial

Office leasing and investment sales: Avison Young
In office leasing, total volume in 2016 declined slightly to 28 million square feet, vacancy rate remained flat at 10.2 percent, and rent grew 9 percent. Investment sales in Manhattan declined 38 percent to $38.9 billion after 2015’s astronomical $63 billion. Read the full report here.

State of CRE markets: Commercial Real Estate Direct
Issuance of Commercial Mortgage Backed Securities in 2016 declined by 30 percent in 2016 to $68.3 billion, in the first decline since 2009. Read the full report here.

U.S. Market Outlook 2017: CBRE
Office rents are projected to grow 1.5 percent in 2017, and retail rents to grow 1.7 percent. Read the full report here.

Economic impact: REBNY
The $20.4 billion in taxes generated be the real estate industry make up 43 percent of total New York City taxes collected. Owner occupied properties account for another 17 percent. Read the full report here.


Related Articles

arrow_forward_ios
 Though landlords aren’t quite ready to say goodbye to their offices, employees are, according to a new survey by JLL. (Getty)
Sorry, boss: 72% of workers don’t want to return to offices full-time
Sorry, boss: 72% of workers don’t want to return to offices full-time
A selection of the properties, from left: 1020 Pacific Street, 818 Bergen Street, 483 St. Marks Avenue and 634 Classon Avenue (Google Maps, Kings County Supreme Court/Illustration by Alexis Manrodt for The Real Deal)
All Year sues partner over “illegitimate” deed transfers
All Year sues partner over “illegitimate” deed transfers
President Joe Biden’s American Rescue Plan was passed over the weekend. (Getty / Photo Illustration by Kevin Rebong for The Real Deal)
What real estate gets in Biden’s $1.9 trillion package
What real estate gets in Biden’s $1.9 trillion package
Continuum Company founder Ian Bruce Eichner and the former Spice Factory at 960 Franklin Street (Getty, Google Maps)
Eichner’s Crown Heights rezoning delayed once again
Eichner’s Crown Heights rezoning delayed once again
(Getty, iStock)
Movie theaters’ future uncertain as studios focus on streaming
Movie theaters’ future uncertain as studios focus on streaming
Durst Organization president Jonathan Durst and 1155 Sixth Avenue (Durst, Google Maps)
Jenner & Block cuts footprint, takes 67K sf at Durst’s 1155 Sixth Avenue
Jenner & Block cuts footprint, takes 67K sf at Durst’s 1155 Sixth Avenue
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...