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Manhattan Market Report

Manhattan Market Report

Sevenfold Retail Sales Volume Catapults $13 Billion Q4: Eastern Consolidated

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An unprecedented sevenfold increase in retail property sales fueled the Manhattan commercial real estate sales market’s epic comeback in the fourth quarter – its strongest performance since 2007, according to preliminary data from Eastern Consolidated.

The hallmark quarter, with nearly $13 billion in sales volume – the strongest since record-breaking performances in 2007 (peaking at $19 billion in Q2 of 2007) – was triggered by fears of impending capital gains taxes, which had owners scrambling to unload properties before year’s end.

“This was definitely fiscal-driven growth,” said Barbara Byrne Denham, Eastern Consolidated’s chief economist.  “Sellers wanted to cash out and buyers knew it, so they were eager to come to the table as well.” Read More

Manhattan Market Report

Education Sector’s Manhattan Office Space Surges With Monster Deals and Expansions

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Though it still makes up just two percent of the Manhattan office market’s total inventory, a number of significant deals have caused a surge in the education sector’s Manhattan footprint.

A report from CBRE attributes the 47 percent jump in office space leased by the sector – between 2005 and November 2012 – to a growing residential population, increases in enrollment at universities, campus expansions, greater availability and lower asking rents in sections of Midtown South and Downtown. Read More

Manhattan Market Report

Nationwide Demand for Office Space Surges in Q4, but Manhattan Leasing Activity in 2012 Lags Compared to 2011

Credit: The Port Authority of New York and New JerseyThe Durst Organization

Demand for office space across the nation surged in the fourth quarter of 2012, with New York placing second only to San Francisco in terms of rent growth, but new office leasing in Manhattan for 2012 failed to rival 2011’s breakthrough performance, the latest industry data shows.

U.S. office markets absorbed 20.1 million square feet in the fourth quarter, up from 7.1 million square feet in the third quarter, which resulted in the strongest quarter of demand for office space since pre-recession 2007, according to Q4 2012 data from Cassidy Turley. Read More

Manhattan Market Report

C&W: Demand for Large Space Shrinks

Joseph Harbert.

Year end leasing data unveiled this morning by the real estate services firm Cushman & Wakefield showed a host of impressive measures of the Manhattan office market: vacancy dropped, rents rose modestly and more space has been leased in over a decade.

Yet, in spite of the encouraging figures and what is clearly the strongest performance by the market since the recession, uncertainties loom. Read More