According to this week’s market reports, Fifth Avenue ranked as the second most expensive retail corridor in the world and Manhattan multifamily construction slowed down in the third quarter.
Residential
Sales | Redfin
Nearly one-third of homes listed in the US registered a price cut in October. The share of discounted homes, at 31.3 percent, is the highest since Redfin started tracking this metric in 2010. In spite of the large share of discounted homes, the median price for a US home increased 4.5 percent year over year to $297,200. Knoxville, Tennessee, posted the highest price growth in the country at 16 percent. Read the report here.
Commercial
Main Streets Around the World | Cushman & Wakefield
Fifth Avenue between 49th and 60th Street ranked as the second most expensive retail corridor in the world. In the second quarter, the area posted average rents of $2,250 per square foot. Hong Kong’s Causeway Bay retained the top spot in spite of price decline, posting average rents of $2,671 per square foot. No other American retail corridors placed in the top 10. Read the report here.
New York City Multifamily Research Market Report | Marcus & Millichap
The pace of multifamily construction in Manhattan slowed in the third quarter. During the period, there were 4,490 units completed in the borough, a decline of 750 units from the same time last year. Nearly half of new rental units in the borough were built in Lower Manhattan. Despite slower construction activity, the average monthly rent in Manhattan rose 3.2 percent to $3,635 per month. Rent growth was highest in Midtown South, which saw prices increase by 4.5 percent to $4,178 per month.