NYC will get 5M sf of new office space by year’s end

A weekly feature bringing you the industry’s latest intel

New York /
Sep.September 21, 2017 07:00 AM

According to this week’s market reports, 5.2 million square feet of office space are scheduled for completion in the last remaining months of 2017 in Brooklyn and Manhattan, and 5.6 percent of home sales nationwide were flips.

Residential

Townhouse sales | Leslie J. Garfield & Co.
In the first two weeks in September, six townhouses went into contract in Brooklyn and Manhattan, 27 townhouses entered the market, and 26 dropped their ask. Read the full report here.

Luxury sales | Olshan Realty
Twenty-three residential contracts were signed last week at $4 million and above, the first week in almost three months for luxury sales volume to edge above 20. The total asking dollar volume was $197 million. Read the full report here.

Flipping report | ATTOM Data
The home flipping rate of 5.6 percent in the second quarter of 2017 was down from 6.9 percent in the previous quarter but unchanged from a year ago. The average return on investment was 48 percent, down 1 percent from the previous quarter. Read the full report here.

Commercial

Office update | JLL
Overall asking rents in Midtown South closed the month of August at $74.22 per square foot, relatively unchanged from the previous month. Class A asking rents saw a slight month-over-month increase from $81.66 per square foot in July to $82.19. Read the full report here.

Office deliveries | CommercialCafe
Manhattan and Brooklyn together will see 5.1 million square feet of office space delivered through the fall and winter of 2017, across 15 projects. The two biggest project are the Brooklyn Navy Yard’s Building 77 and One Soho Square, at 940,000 and 740,000 square feet respectively. Read the full report here.


Related Articles

arrow_forward_ios
Slowdown in pending homes sales signals “turning point” for housing market
Slowdown in pending homes sales signals “turning point” for housing market
Slowdown in pending homes sales signals “turning point” for housing market
CBRE's Emma Giamartino and Bob Sulentic (CBRE, iStock)
Flush with cash, CBRE is ready to spend
Flush with cash, CBRE is ready to spend
GCP CEO Alan Yang (Getty, GCP)
GLP raises $2.3B for logistics property fund
GLP raises $2.3B for logistics property fund
Realogy CEO Ryan Schneider (iStock)
Realogy CEO: remote work is here to stay, but home price growth is real
Realogy CEO: remote work is here to stay, but home price growth is real
Alphabet CEO Sundar Pichai and Twitter CEO Jack Dorsey (Getty)
Twitter, Google latest big companies to delay office returns
Twitter, Google latest big companies to delay office returns
Durst Organization CEO Douglas Durst (Getty)
Durst to fire unvaccinated corporate employees Sept. 6
Durst to fire unvaccinated corporate employees Sept. 6
Converting offices to lab spaces comes with challenges, as some spaces need specific ventilation and upgraded electrical facilities (Getty)
Conversions from offices to life science labs booming
Conversions from offices to life science labs booming
132 West 14th Street and KPG’s co-founders Rod Kritsberg and Gregory Kraut (Avison Young, KPG)
KPG signs long-term ground lease for 57K sf at 132 West 14th Street
KPG signs long-term ground lease for 57K sf at 132 West 14th Street
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...