It’s not me, it’s you: Why most renters want to leave the Big Apple

A weekly feature bringing you the industry’s latest intel
By Chava Gourarie | August 17, 2017 06:00PM

(Credit: ApartmentList)

According to this week’s market reports, office leasing activity in the U.S. hit 5 billion square feet by mid-year 2017, and New York’s office leasing market saw 53 percent less monthly volume than the five-year average.

Residential

Luxury sales | Olshan Realty
Seventeen contracts were signed last week at $4 million and above, the seventh consecutive work with fewer than 20 luxury sales. The total asking dollar volume was $108 million. Read the full report here.

Moving patterns | ApartmentList
Over 80 percent of New York renters plan to settle elsewhere, 53 percent of whom said affordability was top reason for leaving in New York. The top three destination cities for New York renters were Bridgeport, Connecticut, Washington, D.C., and Los Angeles, in that order. Read the full report here.

Commercial

Office snapshot | CBRE
Office leasing activity in July totaled 202,000 square feet, 53 percent below the five-year monthly average of 427,000 square feet. But leasing activity was up 44 percent year-to-date compared with 2016. Read the full reports for Midtown, Midtown South and Downtown here.

Office report | Avison Young
Out of a total 5 billion square feet of office space leased in In the U.S. at the 2017 mid-year point, 1.7 billion square feet were leased in Downtown markets, compared with 3.3 billion square feet in suburban markets. Read the full report here.