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Market Reports

Market Reports

Brooklyn Led Multifamily Market in February

Brooklyn Heights.

Year-over-year multifamily investment sales activity showed large gains across New York City in February, with Brooklyn leading the way in terms of transaction volume and dollar volume, according to Ariel Property Advisors’ latest Multifamily Month in Review report.

Brooklyn was the most active borough with 52 buildings trading across 18 transactions for a total value of $343.5 million in sales. Last February there were just nine Brooklyn transactions, totaling $28 million. Read More

Market Reports

NYC Multifamily Sales Surge Nearly 80 Percent in January

Multi-Family data for January 2014

The number of multifamily sales in New York City saw a 76 percent increase year-over-year in January, according to a new report from Ariel Property Advisors. The dollar volume generated by those deals rose by 107 percent.

This January, there were 58 such deals involving 93 buildings and totaling $707.302 million in gross consideration, Ariel Property Advisors found in its monthly review of multifamily deals that occur at a minimum sales price of $1 million, with a minimum gross area of 5,000 square feet and with a minimum of 10 units. Read More

Market Reports

Northern Manhattan’s Breakout Year

GWB

A new report from Ariel Property Advisors gives credence to what many observed last year as a red hot Northern Manhattan commercial real estate market, showing that multifamily pricing hit its strongest level since the 2007 boom.

The data shows that the number of properties sold in 2013 increased by 44 percent over the previous Read More

Market Reports

Brooklyn Multi-Family Outperforms in August

Brooklyn Bridge

Though the overall New York City multifamily market took a “modest breather” in August, a new report from Ariel Property Advisors shows that Brooklyn saw an increase in transactions on both a month-to-month and year-over-year basis.

The borough’s 16 transactions comprised of 24 buildings totaling $78.4 million – a 23 percent year-over-year increase in transaction Read More

Market Reports

Commercial Space Tight as Tech Continues to Surge in Flatiron: Report

One Madison

Buoyed by the area’s burgeoning tech scene and growing residential market, the Flatiron/23rd Street Partnership Business Improvement District this morning presented its third annual report to a room of brokers and indicated available commercial space in the district is sparse.

With more than 200 commercial office buildings offering upwards of 22 million square feet of rentable space, Flatiron’s overall vacancy rate sits at just 6.96 percent, with only 1.55 million square feet available for lease. The average price per square foot of that space hovers just below $50 at $49.10. Read More

Market Reports

Office Availability Drops in Manhattan in January: Report

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The overall availability rate of office space in Manhattan dropped 20 basis points in January to 11.4 percent, according to Cassidy Turley’s most recent Manhattan Office Market Report, released Thursday.

The overall office market experienced 464,433 square feet of positive net absorption in January, the report noted, as average asking rent in Manhattan clocked in at $61.16 per square foot.

The drop in availability was driven largely by Midtown, which had six of its nine submarkets register positive absorption of 40,000 square feet or more. The downtown market was a contributor as well, with positive absorption of 260,351 square feet. Read More

Market Reports

Midtown South Landlords Rule With Iron Fist Despite Spike in Availability

(Credit: Michael Nagle/Getty)

Despite a fair share of new product hitting the Midtown South market in January, landlords continued to call the shots, seeking ever-growing rents in the city’s epicenter for tech and creative companies, the latest data from Cushman & Wakefield shows.

The data shows that total space increased year-over-year in January by 9.8 percent to more than 4.52 million square feet, yet average rents also increased by 10.7 percent to $50.61 per square foot.

The boost in available product was pronounced among Class A and Class B properties, with 41.03 and 47.1 percent increases, respectively.

“It is still a landlord’s market even though that space has come online,” said Ken McCarthy, C&W’s chief economist.  “Anyone adding space to the market is asking higher rents.” Read More

Market Reports

3rd Quarter Results Indicate Market Shift, Plaza District Not So Blah: Colliers Reports

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Midtown South continues to bring in the tech tenants while neighboring markets like Midtown North are becoming cheaper alternatives, Colliers International said in its third quarter report released yesterday.

Leasing in the Manhattan market improved overall, with law firms, financial services firms, and media companies contributing to a modest 6 million square feet leased in the third quarter. The result was still 1.4 million square feet fewer than the 7.4 million square feet that was leased in the second quarter of 2012. Read More

Market Reports

Manhattan Submarkets Showed Some Spark in August: Cassidy Turley

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Asking rents in the month of August jumped by 1.7 percent to its highest rate since February 2009, while activity in three major Manhattan submarkets showed encouraging results, according to a recent report released by Cassidy Turley.

The Downtown Class A submarket saw its vacancy rate decline for the second month in a row, finishing at 8.4 percent.  The increasingly popular Midtown South submarket, meanwhile, continued to perform well and saw its vacancy rate drop to 8.1 percent. 

Midtown did not fare as well. Its vacancy rate rose to 10.9 percent, its highest rate since May 2011.  Read More