The Real Deal New York

The week in real estate market reports

Office leasing volume hit 7-year low in 2016, office vacancy at 9.6% in Q4
By Chava Gourarie | January 19, 2017 02:30PM

Source: Bond New York

According to this week’s market reports, Bushwick and East New York are predicted to be the city’s hottest markets, office leasing activity in Manhattan hit a seven-year low in 2016, and Nolita and the Lower East Side were popular among homebuyers at the close of 2016.

Residential

Manhattan home sales | Bond New York
Nolita and the Lower East Side led the pack in pending home sales in the fourth quarter of 2016, relative to the previous quarter. Pending sales in Nolita rose 300 percent, and rose 50 percent in the Lower East Side. Overall, pending sales of condos, co-ops and townhouses in Manhattan were up 3.6 percent since the beginning of 2016, finishing off the year at 2,754. Read the full report here.

NYC’s hottest neighborhoods | PropertyShark
PropertyShark’s survey of real estate predict East New York and Bushwick to be the hottest neighborhoods in 2017, followed by the Lower East Side and the Upper East Side. Read the full report here.

Manhattan luxury sales | Olshan Realty
This week saw 24 contracts signed for condos and co-ops above $4 million worth a total sales volume of $187 million. Read the full report here.

Commercial

Source: JLL

Office outlook | JLL
Leasing activity cooled in 2016, hitting a seven-year low in Manhattan. Just over 28 million square feet were leased in Manhattan, the smallest amount since 2009, and the vacancy rate rose to 10.4 percent from 10 percent in 2015. Read the full report here.

Manhattan office snapshot | Cushman & Wakefield
The Manhattan office market closed 2016 with a 9.3 percent vacancy rate, an average asking rent of $72.82 per square foot, and 12.5 million square feet under construction. Read the full report here.

CRE 2017 forecast | Avison Young
New York, DC and Dallas accounted for 40 percent of all construction in the U.S. in 2016. New York City’s office, retail and investment markets are expected to remain relatively stable. Read the full report here.