Downtown office asking rents were up 8% last month: report

A weekly feature bringing you the industry’s latest market intel
By Chava Gourarie | June 15, 2017 01:45PM

Credit: Douglas Elliman

According to this week’s market reports, office leasing in Downtown Manhattan climbed to 56 percent above the five-year monthly average, and median residential rents in Brooklyn were down 2 percent year-over-year.

Residential

Rental report | RentCafe
Average apartment rents dropped in six of the 10 top markets in May. Average rents in Manhattan, the priciest market, dropped 2.9 percent year-over-year to $4,094 behind San Francisco, which fell 3.3 percent. Read the full report here.

Manhattan, Brooklyn and Queens rental report | Douglas Elliman
Median rents in Brooklyn were down 1.9 percent in May year-over-year, with one-bedrooms falling 3.6 percent but studios growing 6.3 percent. Median rents in Manhattan were up 2.2 percent, skewed by new high-end inventory entering the market. Read the full report here.

Luxury Sales | Olshan Realty
Twenty-six contracts were signed last week at $4 million and above, 12 of which were in new developments. The total asking dollar volume was $198.5 million. Read the full report here.

Housing Market Index | NAHB
The NAHB Housing Market Index ticked down from 69 in April to 67 in May, below the market expectations of 70. Read the full report here.

Commercial

Office Snapshot | CBRE
In Downtown Manhattan, office leasing activity totaled 677,000 square feet in May, 56 percent above the five-year monthly average of 433,000 square feet. Leasing in Midtown totaled 1.7 million square feet, 34 percent above the five-year average. ​Read the full reports for Midtown and Downtown Manhattan.