On a local level, as far as activity goes, Dan Fasulo, managing director of Real Capital Analytics, tells GlobeSt.com that in New York City, office properties are larger in nature than retail properties as far as actual sale volume. "In New York City specifically, we have already crossed the total office sale record from last year mainly because of trophy assets," he says.
One such asset he refers to, is Macklowe Properties purchase of former Equity Office Properties Trust properties for $7 billion earlier this year, after Blackstone defeated Vornado for the company and acquired the Manhattan buildings as GlobeSt.com previously reported.
"That purchase created a new pricing level for the market," he says. "It brought many willing sellers to the table and created an explosive market."
Fasulo projects to see a continuing trend because the demand will be there. In the retail market, Fasulo explains that there is a finite amount of retail property in New York City. "Most retail is part of a mixed-use property here," he says. "Nationwide, an overwhelming majority of retail is big box centers and strip centers."
In other property types, prices for industrial land have surge through the country, while multifamily land prices offer mixed results, with condo sites declining in volume, according to the report.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
