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

A weekly feature bringing you the industry’s latest intel

Sep.September 21, 2017 07:00 AM

(Credit: JLL)

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.


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.


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

From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

Redfin's Glenn Kelman (Credit: iStock)

“It’s on like Donkey Kong”: Redfin scrambling to keep up with iBuyer demand