Retail rents fall in most Manhattan corridors

A weekly feature bringing you the industry’s latest intel
By Chava Gourarie | October 26, 2017 08:00AM

Manhattan retail asking rents in Q3 2017 were down.

According to this week’s market reports, the New York metro area has the highest number of zombie foreclosures in the nation, and over 60 percent of Manhattan retail leases in the third quarter were for short-term deals.

Residential

Luxury sales | Olshan Realty
Twenty-two residential contracts were signed last week at $4 million and above, the second consecutive week to hit above 20 after a long dry spell. Read the full report here.

Zombie foreclosures | ATTOM Data
The New York metro area had more zombie foreclosures — vacant homes in foreclosure — than any state in the third quarter. It’s also the metro area with the most bank-owned vacant homes. Read the full report here.

Commercial

Office leasing | CBRE
Midtown has its best quarter for office leasing since 2015, with 4.8 million square feet leased in the third quarter. In Midtown South, 1.1 million square feet were leased, and Downtown had 1.4 million, a 69 percent increase year-over-year. Read the full report for Midtown, Midtown South and Downtown here.

Retail market | CBRE
Rents declined in 12 of 16 retail Manhattan corridors in the third quarter of 2017. Of the 506,000 square feet leased in the quarter, 60 percent was for short-term deals, at three years or less. Read the full report here.

Office leasing | Colliers
Office rents declined in Manhattan in the third quarter, dropping to $72.87 per square foot from $73.85 last year. Rent declined or stayed flat in all submarkets except downtown which ended the quarter at $63.19, down from last quarter, but up from $58.83 last year. Read the full reports for Manhattan, Midtown, Midtown South and Downtown here.

Office sales | CommercialCafe
Manhattan office sales volume fell below $1 billion in the third quarter for the first time in five years, and average rents fell 20 percent year-over-year to $851 per square foot. Read the full report here.