Manhattan ties with a small city in Texas for biggest rent drop in the nation

According to this week’s market reports, Manhattan had the nation’s biggest residential rent decrease but remains the most expensive city to rent, and office rents stayed stable at $73.12.

Residential

Rental Report | MNS
Dumbo had the most expensive rent in Brooklyn in July for studios, and one- and two-bedrooms, averaging $3,265, $3,896 and $6,059 respectively. The two-bedroom price is a 6 percent decline from last year July, the borough’s biggest decline. Read the full report for Brooklyn, Manhattan and Queens for a neighborhood breakdown.

Apartment market report | Rent Cafe
Manhattan tied with the city of Lubbock, Texas, for the biggest rent decrease in the nation in July, registering a 3.1 percent year-over-year slide to $4,054 per month. Brooklyn came in at No. 7, with a 1.6 percent decrease to $2,712. For comparison, the national average rose 1 percent to $1,350. Read the full report here.

Luxury sales | Olshan Realty
Eighteen contracts were signed last week at $4 million and above, the top five of which were new development units, all priced above $14 million. The total asking dollar volume was $209 million. Read the full report here.

Commercial

Office snapshot | Colliers International
In July, 3.2 million square feet of office space was leased, up 10.2 percent from July 2015. Pricing stayed relatively flat, at $73.12 per square foot, helped by Downtown’s 7.5 percent rent increase to $63.33 per square foot. Read the full report here.

Office, investment and retail markets | Avison Young
Commercial property sales are projected to total less than $20 billion in 2017, a 51 percent decrease from 2016, and lower than any year since 2010. Read the full report here.