According to this week’s market reports, residential rents dropped by 2.3 percent in Manhattan in October, and Los Angeles eclipsed New York City for investment sales volume in the third quarter of the year.
Rental report | RentHop
In Manhattan, 57 percent of neighborhoods saw a rent drop of more than 1 percent year over year, 14 remained stable, and 29 saw rents increase. Read the full report here.
Rental report | MNS
Median rental prices decreased by 2.3 percent in Manhattan to $3,957 in October. Prices decreased in Brooklyn and Queens as well by 1.1 and 0.7 percent respectively. Read the full reports for Manhattan, Brooklyn, and Queens here.
Luxury sales | Olshan Realty
Twenty-eight residential contracts were signed last week at $4 million and above, eight of which were above $10 million, for a total asking dollar volume of $253 million. Read the full report here.
Office snapshot | Colliers International
In Manhattan, 2.25 million square feet of office space was leased in October, down from 2.9 the previous month, and up 9.5 percent year-over-year. Rents were down 1.2 percent to $72.03 per square feet. Read the full report here.
Global markets perspective | JLL
London Took First Place for investment volume in the third quarter of 2017, jumping 95 percent from the previous year, while Los Angeles replaced New York in second place, after investment there fell by 58 percent. Read the full report here.