The Real Deal New York

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

A weekly feature bringing you the industry’s latest intel
By Chava Gourarie | August 09, 2017 06:30PM

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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.