According to this week’s market reports, home prices in Queens rose to a record high in August and U.S. flexible space providers accounted for a larger share of major lease deals.
Sales | StreetEasy
Home prices in Queens reached a record high of $563,028 in August. The figure represents a 7.1 percent hike compared to the same time last year. Home prices in the borough are now 23 percent higher than in 2013. The price increase coincided with faster movement of inventory. Queens home were sold after a median of 62 days on the market, which is over a month faster than the 99 days in Manhattan. StreetEasy uses its own price index for the report. Read the report here.
U.S. Office Marketflash | CBRE
Flexible space providers accounted for 4.4 percent of square footage leased in major deals for the first half of the year. Major transactions are defined as the 25 largest transactions by square footage in the 54 markets tracked by the survey. The share of flexible space providers nearly doubled from the same time last year and is more than four times that of the 1 percent figure from 2013. If the trend holds, the share of flexible space providers signing major leases will surpass that of the legal, government and insurance sectors by mid-2019. Read the report here.
2018 Mid-Year Office Construction Report | CommercialCafe
New York City ranked as the second most active market in terms of office construction for the first half of the year. During the period, the city accounted for 9.5 million square feet of office deliveries across 30 buildings, behind San Francisco’s 11 million square feet across 43 buildings. The largest office delivery in the country was 3 World Trade Center, which stands 80 stories and spans 2.8 million square feet. Meanwhile, the 1.3 million-square-foot 55 Hudson Yards project ranked as the third largest for the pipeline for the second half of the year, behind the 2.8 million Apple Park development in Cupertino, California.