Market Trend Report Shows Mixed Results

NEW YORK CITY-Nationally, sale volume has been relatively light in the retail sector, with only $3 billion of significant retail properties closed and no major portfolio transactions or major regional mall sales reported. Despite the weak sale volume, pricing has yet to show any consistent trend of weakening, according to a market report by Real Capital Analytics. On the other hand, the office sector has soared with sales reaching $17 billion in May, driven by major CBD properties and portfolio sales.

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.