Manhattan office leasing activity reaches three-year high

A weekly feature bringing you the industry's latest intel

New York /
Jan.January 17, 2018 04:00 PM

New York City office buildings

Residential

Rental Report | RentCafe

Manhattan and Brooklyn both ranked top two in the country in terms of rent declines. During the year, rental rates in both boroughs dropped by 1.7 percent, with Manhattan checking in at $4,079 per month and Brooklyn at $2,692 per month. The cities with the highest price hikes include Las Vegas, Detroit and San Diego. Read the report here.

Sales | Halstead

The median sales price for a Brooklyn townhouse reached $860,000 for the fourth quarter of 2017, a 2.3 percent increase compared to the same time last year. The median price for apartments, meanwhile, rose by three percent to $671,068. The best performing submarket was North Brooklyn, which saw the median sales price for townhouses grow by 18.6 percent year-over-year. Read the report here.

Sales | Stribling

In 2017, the Long Island City condominium market reached an all-time high in terms of average sales price ($1.10M) and price per square foot ($1,235). The year also marked the first time that the median price for LIC condos exceeded $1 million.

Luxury Sales | Olshan

Only 12 contracts were signed last week at $4 million and above. The total is just half of the 24 contracts that were signed during the same time last year. The most expensive contract during the week was for a townhouse at 1083 Fifth Avenue in the Upper East Side, which had an asking price of $29.5 million. Read the report here.

Commercial

Q4 2017 Office Marketviews | CBRE

Manhattan office leasing activity reached 7.35 million square feet during the fourth quarter of 2017. The figure elevated annual leasing activity to 28.43 million square feet, which amounts to the highest total since 2014. Midtown was the best performing submarket, posting its highest annual total in over a decade. In 2017, Midtown leasing activity totaled 17.97 million square feet. The gains were driven by activity in the 50,000 square feet or larger segment, which accounted for 41 percent of the area’s annual total. Read the Midtown, Midtown South and Downtown reports here.

Manhattan Q4 2017 Office Report | CommercialCafe

Chinese investors disappeared from the Manhattan office market in the fourth quarter of 2017. There were only two office deals involving Asian buyers during the period. Neither buyer was from China. Japanese firm Unizo Holdings closed the most expensive deal involving an Asian investor with its $468 million acquisition of 685 Third Avenue, followed by Bahrain-based Investcorp’s $157 million deal for 229 West 36th Street. In spite of the dry spell, Chinese buyers still registered the most expensive Manhattan office sale of the year with HNA Group’s $2.21 billion acquisition of 245 Park Avenue. Read the report here.


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