Lower Manhattan office concessions rose 42% in 2017

A weekly feature bringing you the industry's latest intel

New York /
May.May 23, 2018 02:30 PM
Lower Manhattan office buildings (Credit: Ken Lund via Flickr)

Lower Manhattan office buildings (Credit: Ken Lund via Flickr)

Residential

Rentals | RentHop

Apartments near subways stops are getting cheaper. Between February and April, around half of the areas near Manhattan subway stations saw declining rental rates. This includes 34th Street-Herald Square (8.2 percent year-on-year drop to $3,350) and Chambers Street (10.2 percent drop to $3,550). The trend also covered Brooklyn, with many stops in Greenpoint, Williamsburg, Bushwick and Bedford-Stuyvesant posting year-on-year declines. Read the report here.

Sales | Olshan

There were 21 contracts signed in Manhattan at $4 million and above between May 14 and 20. Out of that total, 12 properties were sold by developers. The most expensive contract for the week was for a unit at Macklowe Properties and CIM Group’s 432 Park Avenue. Unit 93A was sold with a last asking price of $40.75 million. The second most expensive sale, meanwhile, was for Unit 16B/17AB at 211 Central Park West, which was asking $26.5 million. Read the report here.

Commercial

Space Matters Occupancy Report | Cushman & Wakefield

Three Manhattan neighborhoods led the country in the value of total office concessions. In 2017, Lower Manhattan posted a 42.2 percent hike to $134 a square foot in concessions, with the value of tenant improvement allowances at $80 per square foot and free rent at $53 per square foot. Downtown was followed by Midtown at 32.7 percent ($167 a square foot) and Midtown South at 31.6 percent ($132 a square foot). Brooklyn’s office market also registered a 10 percent increase in concessions to $35 a square foot. Read the report here.

Real Estate Outlook | Transwestern

The average asking rent for office spaces in Manhattan stood at $74.04 a square foot in the first quarter, up three percent from the same time last year. The figure is almost three times the national average, which is at $25.66 per square foot. Currently, the total office inventory in the borough is at 43.9 million square feet, with 17.2 million square feet of office space under construction. The vacancy rate is at 9.1 percent. Read the report here.


Related Articles

arrow_forward_ios
RE/MAX CEO Adam Contos (Facebook)
RE/MAX revenue ticks up in Q4 but profit sinks
RE/MAX revenue ticks up in Q4 but profit sinks
(iStock/Illustration by Kevin Rebong for The Real Deal)
State will use undercover testers to combat housing discrimination
State will use undercover testers to combat housing discrimination
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Zillow COO Jeremy Wacksman (Zillow, iStock)
Zillow using Zestimate to streamline cash offers for some homes
Zillow using Zestimate to streamline cash offers for some homes
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Home sales were the busiest January on record, but still the fifth month of decline in a row. (iStock)
Pending home sales fall for fifth consecutive month
Pending home sales fall for fifth consecutive month
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
arrow_forward_ios

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

Loading...