NEW YORK CITY—Manhattan office sales point to Q3 2017 as the weakest quarter compared with the past five years, failing below $1 billion for the first time. According to Yardi Matrix data analyzed by Commercial Café, total sales volume fell 67% year-over-year and 74% from the past quarter, even though the number of closed transactions remained consistent from the Q2.
Commercial Café also reports only six noteworthy office deals closed in Manhattan in Q3, totaling just $991 million with 3.1 million square feet of office space. In Q2, $3.8 billion in office sales transactions covered 5.9 million square feet.
The average price per square foot for the Manhattan office market decreased 19% year-over-year and 21% compared to Q2. Falling below $1,000, prices fell to $821 at the close of the third quarter. However, the website reports that this average price was roughly equivalent to the average of the past five years.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
